JPMorgan says Netflix ‘well owned’ amid downgrade pushback

JPMorgan analyst Doug Anmuth says that since the firm’s Netflix (NFLX) downgrade to Neutral on May 19, it has heard three consistent areas of pushback: the company’s back half of 2025 content may be the strongest six-month period ever, advertising remains early and is poised for better monetization, and estimates will move higher on content strength, pricing power, and advertising. JPMorgan projects double-digit revenue growth through 2026, ongoing margin expansion, free cash flow ramp, and greater share buybacks. However, it continues to believe Netflix shares are “well owned and the risk/reward is less compelling.” The firm keeps a Neutral rating on the shares with a $1,220 price target