Oppenheimer analyst Jason Helfstein lowered the firm’s price target on Netflix (NFLX) to $1,040 from $1,065 on FX, while keeping an Outperform rating on the shares. The firm believes the setup is favorable into Q4 earnings, and expects upside to subscribers, driven by Paul/Tyson, NFL Christmas games, and Squid Games season 2, with full 2025 content slate and advertising ramp as catalyst for Q1. Valuation is the main risk in Oppenheimer’s view at 29-turns 2026 price-to-earnings, exacerbated by F/X headwinds. Longer term, the firm continues to see Netflix benefiting from less competition, driving better churn and content leverage; with upside to monetization and subscribers from live events and advertising.
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