Netflix dips after Wells Fargo downgrades stock, sees 'messier story'

** Netflix shares dip 3.1% to $72.98 in premarket trading

** Wells Fargo downgrades stock to "underweight" from "equal weight"; cuts PT to $57 from $80, representing a 24.3% downside to the stock's last close

** Brokerage attributes downgrade to softer viewership and sees "a messier NFLX story" and "tougher choices ahead" including a reboot in content spends, licensing third-party content including live sports and/or mergers and acquisitions

** "We see breakout hits as a must for the stock to work again," says Wells Fargo

** As of last close, shares down more than 19% YTD