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Oppenheimer cuts Netflix price target to $120 but keeps Outperform rating amid ad-driven growth shift.

Analyst Insights
18 Apr 2026
Finbold
View Source
Bullish
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Oppenheimer analyst Jason Helfstein lowered Netflix's price target from $135 to $120, reflecting weaker-than-expected impact from recent U.S. price hikes and a shift toward advertising revenue. Despite this, he maintained an 'Outperform' rating, expecting about 23% upside from the current price and a stronger second half supported by improving ad markets and new content. Netflix's ad-supported tier now drives 60% of new subscriptions, with ad revenue projected to reach $3 billion in 2026. Wall Street remains bullish with a 'Strong Buy' consensus and an average 12-month target of $114.79, despite recent stock volatility and leadership changes.

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