Oppenheimer Cuts Netflix Target to $100 as Earnings Loom

Netflix shares trade near $75-76, down 22% year to date, as the July 16 Q2 report approaches amid mixed signals. The story progressed from early-July previews praising ad revenue doubling to $3 billion and a de-rated 23-24x earnings multiple after a 42% drop from the $130 peak, to mounting concerns over unchanged 2026 revenue guidance and front-loaded content costs. By July 13, options markets priced a 7.6% post-earnings swing with heavy call buying, yet Oppenheimer downgraded its price target to $100 while Jefferies maintained its $110 target and analysts projected Q2 revenue of $12.57 billion (+13.5% YoY) and EPS of $0.79.