Raymond James Reiterates Market Perform Rating on Netflix (NFLX)

Raymond James analyst Andrew Marok reiterated a Market Perform rating and {REMOVEPT} price target on Netflix (NASDAQ: NFLX)

The analyst comments: "Netflix reported 3Q25 revenue very modestly below expectations (driven mostly by intra-quarter FX movements) and guided to an in line 4Q. Margins for 3Q were below expectations driven by a tax accrual issue that is not expected to materially persist in future periods; ex-this issue, margins would have been ahead of expectations. The quarter was unremarkable from a geo perspective, with each region growing in the 15-20% FX-neutral range. Strategically, initiatives sound on track, with ads traction ahead of schedule (now expecting to “more than” double ad revenue this year) and increasing early-stage experimentation in the gaming business. The content outlook also appears strong; while cash spend is coming in a bit lower this year due to timing, the list of expected 4Q titles (including marquee live events) should satisfy viewers. We still see Netflix as a likely candidate to continue consolidating entertainment share, but we maintain our Market Perform rating given high expectations, with shares remaining fairly valued at ~10x 2026E EV/S (implied ~37x P/E)."

For an analyst ratings summary and ratings history on Netflix click here. For more ratings news on Netflix click here.

Shares of Netflix closed at $1241.35 yesterday.

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