NFLX
Wall Street’s still warming up to Netflix
KeyBanc turned the dial a bit higher on Netflix, lifting its price target to $115 from $108 and sticking with an Overweight rating. That’s basically Wall Street saying, “We still like the movie, and the sequel might be better.”
Why the bullish tweak?
Analyst Justin Patterson pointed to a couple of things that make Netflix look less messy and more machine-like:
- a durable monetization algorithm — fancy words for “they keep finding ways to squeeze more money out of the audience”
- the removal of Warner Bros. Discovery integration costs, which makes the story look cleaner
- higher 2026 and 2027 revenue and EPS estimates ahead of first-quarter earnings
That last bit matters because when analysts raise both sales and profit forecasts, they’re not just polishing the dashboard. They’re saying the engine may actually be running hotter than they thought.
The earnings tape is rolling in
Netflix is set to report first-quarter 2026 earnings in two days, so this isn’t a random mood swing — it’s an appetizer before the main course. Evercore ISI, Guggenheim, and MoffettNathanson have also been floating around with their own bullish targets, which tells you the Street is trying very hard not to be the one person showing up to the party in a red suit and saying “I’m bearish.”
Big picture: Netflix is still expensive, but analysts are increasingly arguing it’s expensive for a reason. If the company can back up the hype with its Q1 print, the stock has a real chance to keep acting like it owns the remote.