Here’s what Wall Street is saying about Netflix ahead of earnings

Netflix (NFLX) is scheduled to report its first fiscal quarter results and business outlook on Thursday, April 16. A video interview with Netflix executives will follow at 4:45 pm ET. What to watch:

GUIDANCE: Along with its last report, Netflix guided for Q1 earnings per share of 76c on revenue of $12.16B. At the time, the company was expecting Q1 EPS of 81c on revenue of $12.17B, but as of April 16, the revenue estimate remains the same while the EPS estimate fell to 77c.

KEYBANC: This week, KeyBanc analyst Justin Patterson raised the firm’s price target on Netflix to $115 from $108 and keeps an Overweight rating on the shares. Ahead of Q1 earnings, the firm also raised its 2026/2027 revenue and EPS to reflect a durable monetization algorithm, and the removal of Warner Bros. Discovery (WBD) integration costs. While KeyBanc suspects Netflix may opt to reinvest some of the initial savings, it believes this will likely translate toward higher growth and over $4/share in 2027 EPS.

WEDBUSH: Meanwhile, Wedbush increased the firm’s price target on Netflix to $118 from $115 and maintained an Outperform rating on the shares. The firm thinks Netflix is positioning for substantial growth in global advertising, while its latest price increases could provide a meaningful boost to profitability this year. Wedbush expects domestic resilience, but European resistance to price increases could be an overhang this year as Netflix works through legal challenges. Still, Netflix should continue to gain incrementally from its ad business by expanding partnerships, improving targeting, leveraging AI, and adding more live content. Wedbush remains positive on Netflix’s overall opportunity to expand revenue in 2026 on both domestic subscription pricing and advertising revenue, while continuing to expand its global footprint.

MORGAN STANLEY: Last week, Morgan Stanley assumed coverage of Netflix with an Overweight rating and a price target of $115, up from $110. Sentiment on the pace of engagement growth and margin expansion look to have bottomed, said the analyst, who forecasts sustainable double-digit revenue growth with the ability to compound earnings and free cash flow at about 20% annually.

GOLDMAN UPGRADE: Meanwhile, Goldman Sachs analyst Eric Sheridan upgraded Netflix to Buy from Neutral last week with a price target of $120, up from $100, which offers 26% upside from current levels. Ahead of the Q1 earnings report, Goldman sees a more positive risk/reward with the stock down 18% in the past six months. The earnings report will show a “strong start” to 2026 as Netflix continues to execute well against its core areas of focus, the analyst tells investors in a research note. The firm believes the company’s original and returning content is driving user growth and engagement. Goldman sees momentum for Netflix from its pricing power, advertising tier and capital return potential.

CITIZENS: Last month, Citizens initiated coverage of Netflix with a Market Perform rating and no price target. The firm said the media and entertainment sector “is evolving alongside shifting consumer preferences.” As AI advances, the migration toward streaming will accelerate, reflecting demand for personalized, on-demand viewing, the analyst told investors in a research note. Citizens names Sphere Entertainment its top pick in the group. The firm sees limited near-term catalysts to drive Netflix’s results and awaits a better entry point.