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
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