Wolfe Research Cuts Netflix, Inc. (NFLX)'s Price Target To $121, Maintains Outperform Rating

Netflix, Inc. (NASDAQ:NFLX) is among the 14 Best S&P 500 Stocks to Buy Now. On December 15, Wolfe Research lowered its price target on the stock to $121 from $139, while maintaining an Outperform rating on the shares.

The revision came as part of the firm’s broader adjustment in the sector for 2026. While Wolfe is bullish on the entertainment and music group with an Overweight rating, it has downgraded its outlook for the telecom and cable segment to Market Weight, citing weak performance metrics towards the latter half of this year with ‘no relief’ in sight.

This follows Jefferies’ update on Netflix, Inc. (NASDAQ:NFLX) on December 11, when analyst James Heaney lowered his price target on the streaming giant to $134 from $150, while keeping a Buy rating on the shares.

In its ‘2026 Internet Playbook’, the firm recommended investors to be ‘selective’ about internet stocks, given the likelihood of margin pressures from increased spending. Moreover, Jefferies also warned that ongoing concerns related to artificial intelligence could hinder share price appreciation.

As of the close of business on December 17, Wall Street analysts have a Moderate Buy rating on the stock, with a one-year average share price target of $133.27, representing a 42% upside.

Netflix, Inc. (NASDAQ:NFLX) is a global entertainment company offering TV series, documentaries, movies, and games across multiple languages and genres.

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