Hot Stocks: NFLX rises on upgrade; BYND, COIN downgrades; RH climbs on earnings news
Nikada


Analyst commentary provided a key catalyst in Friday's midday trading. This included Netflix (NASDAQ:NFLX), which rallied on an upgrade from Wells Fargo.
Meanwhile, separate bearish reports put pressure on Beyond Meat (BYND) and Coinbase (COIN).
In other news, RH (RH) received a boost from the release of its quarterly report. The company also announced a pair of acquisitions.
Gainers
An analyst upgrade led to a midday advance in Netflix (NFLX). Shares rose 5% after Wells Fargo raised its rating on the video streaming service to Overweight from Equal-weight. 
Analyst Steve Cahall said the company can beat expectations on its key performance indicators in 2023, even with increased competition and the disappearance of COVID-related demand. "So, we feel better on subs, while ads drive us ahead on revenues," Cahall stated.
Elsewhere, RH (RH) also showed midday gains, bolstered by the release of earnings news. The furniture retailer beat expectations on both its top and bottom lines.
Meanwhile, the company also announced a couple of acquisitions, including the purchase of custom upholstery studio Dmitriy & Co and custom furniture business Jeup, Inc. In intraday action, RH climbed almost 3%.
Decliners
Argus has turned bearish on Beyond Meat (BYND), sending the stock lower by 8% in midday trading. The firm cut its rating on the maker of plant-based meat substitutes to Sell from Hold.
"Demand for plant-based protein has fallen amid weaker economic conditions, and many customers are trading down to cheaper proteins â- including meat," Argus contended. "The company has also been hurt by increased competition."
Meanwhile, a separate analyst downgrade put pressure on Coinbase (COIN). Shares of the cryptocurrency exchange dropped 4% after Mizuho slashes its rating on the stock to Underperform from Neutral.
"Consensus estimates for interest income for COIN suggests that the Street is underestimating the potential risks," analyst Dan Dolev stated. 

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