JPMorgan analyst Doug Anmuth believes investor expectations remain elevated for Netflix (NFLX) after the company increased its 2025 outlook when reporting Q2 results. The company expects an engagement ramp in the back half of the year but its total viewing comparisons have faced pressure from paid sharing and content delays from strikes, the analyst tells investors in a research note. JPMorgan continues to think Netflix shares offer a balanced risk/reward. It keeps a Neutral rating on the shares with a December 2026 price target of $1,300.
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