KeyBanc Cuts Netflix Target to $92 Amid Engagement Worries

On July 13 KeyBanc lowered its Netflix price target to $92 from $115, following Citi’s July 9 cut to $100. The downgrades stem from a July 9-10 WSJ report detailing senior management concern over weakening viewer engagement, with U.S. viewership share hitting a multi-year low of 7.8% in April. Netflix shares, already down more than 40% over the past year, initially fell 2% after-hours but later recovered 1%. In response, the company is exploring always-on live TV channels, third-party bundles including Peacock, short-form video deals, and potential 2030/2034 FIFA World Cup rights. A July 13 preview also highlighted Netflix’s $3 billion ad-revenue target and the need for greater viewing inventory to support it.