HSBC Downgrades Netflix on YouTube Share Gains; SanDisk Initiated Buy at Rosenblatt

HSBC downgraded Netflix (NFLX) to Hold from Buy on September 22, 2026, cutting its price target to $76 from $96, citing Alphabet's (GOOG, GOOGL) YouTube taking increasing viewer share. Jefferies downgraded Valero (VLO) and Marathon Petroleum (MPC) to Hold from Buy. Morgan Stanley downgraded Ericsson (ERIC) to Underweight from Equal Weight with a $9 target, citing declining North American revenues and margins off peak. William Blair cut Endava (DAVA) to Underperform amid a CFO transition and accounting investigation. Northcoast downgraded ACV Auctions (ACVA) to Neutral after Copart (CPRT) agreed to acquire it for $10.50 per share in cash. Rosenblatt initiated SanDisk (SNDK) at Buy with a $2,400 target, arguing AI compute platforms can reposition NAND Flash as system-critical infrastructure. Other initiations: Nike (NKE) at Hold, GE HealthCare (GEHC) at Buy, Quantum Computing (QUBT) at Buy, and Everest Group (EG) at Outperform.