Netflix price target raised to $1,390 from $1,200 at Bernstein

Bernstein raised the firm’s price target on Netflix (NFLX) to $1,390 from $1,200 and keeps an Outperform rating on the shares. With Netflix trading at 40-times 2026 consensus EPS and earnings just around the corner, long-term fundamentals have taken on even greater importance in navigating potential near-term volatility, the firm says. While there are important short-term questions to address in Q2, Bernstein remains confident in the strength of the business and believes its valuation ultimately reflects its industry moat. Whether Q2 results beat expectations – supporting momentum – or fall short – potentially triggering near-term swings – the firm does not see a compelling reason to be bearish in the foreseeable future to question the underlying fundamentals or the long-term value of the company.