Wolfe Research Downgrades Netflix Stock to Peer Perform
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Wolfe Research analyst Peter Supino downgraded Netflix's stock rating from "Outperform" to "Peer Perform" and canceled his previous $95 price target. Supino pointed out that Netflix's content spending has increased by $3 billion in the past two years, but user engagement in the US and Canada was flat or declined in the first half of 2026, and the lack of hit content is the core reason for the stagnation in subscription growth. He also lowered Netflix's 2027 revenue forecast to $56.27 billion and reduced his earnings per share forecast from $3.73 to $3.67.
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- ZeroHedgeWolfe Research Downgrades Netflix, Citing Lack of Blockbuster Returns on Content Spending
Wolfe Research analyst Peter Supino downgraded Netflix's stock rating from 'Outperform' to 'Peer Perform' and removed the $95 price target. He noted that Netflix increased content spending by $3 billion over the past two years, yet user engagement in the US and Canada was flat or declined in the first half of 2026, with the lack of blockbuster content being the core reason for stalled subscription growth. Supino also lowered Netflix's 2027 revenue forecast to $56.27 billion and earnings per share estimate to $3.67.
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