Wolfe Downgrades Netflix as Supino Estimates Flat-to-Down Engagement

Wolfe Research moved Netflix to Peer Perform from Outperform on Thursday, after Wolfe Research analyst Peter Supino estimated U.S. and Canadian engagement was flat to down in the first half of 2026. Supino lowered his 2027 revenue estimate to $56.27 billion from $56.68 billion, a forecast that implies 10.1% growth. He cut his earnings estimate to $3.67 per share from $3.73 and withdrew his $95 price target. Supino pointed to a $3 billion increase in Netflix’s content expense over two years. He also cited YouTube’s growing share of television viewing and increased spending by Amazon, Apple, Disney and HBO.

Source: TokenPost