KeyBanc lowered the firm’s price target on Netflix (NFLX) to $110 from $139 and keeps an Overweight rating on the shares. The firm expects uncertainty around the Warner Bros. Discovery (WBD) deal and concerns on lapping 2025’s content slate to create near-term overhangs to the price to earnings multiple. Barring an earlier than expected price increase, KeyBanc views 2026 guidance as in line on revenue and potentially softer on operating margin. While the firm acknowledges this could create near-term volatility, it still views long-term monetization and margin drivers as intact.
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