Huber Research Double-Downgrades Netflix to Underweight, Cuts Price Target to $70

Huber Research has double-downgraded Netflix directly from Overweight to Underweight and slashed its 12-month price target from $85 to $70. Analyst Craig Huber cited valuation concerns, diminishing U.S. pricing power, elevated content spending from rivals, and potential 5% headcount cuts. The firm also flagged decelerating user engagement, noting that total global viewing hours rose only 2% to 97 billion in the first half of 2026, which represents an estimated 5% decline on a per-subscriber basis. Furthermore, Huber viewed Netflix's plan to reduce engagement reporting to an annual basis starting in 2027 as a negative indicator.