Banking giant revises Netflix stock price target

With that being said, Anmuth did caution that some of Netflixs recent stock price gains could be at risk as investors shift toward tariff-impacted names trading at a discount, which are now set to recover with the cooling of trade tensions.

JPMorgan predicts Netflix share price will keep rising

Despite the aforementioned caveat and the limited upside projected by the revised coverage, JPMorgan remains quite bullish on NFLX shares.

Per the banking giant, while the Trump administration‘s proposed movie tariffs represent a risk going forward, implementation remains unclear, so the potential financial impact is hard to gauge. Netflix stock did drop by 6.17% after the initial tariff announcement — but has since regained the losses. In addition, the stock’s short volume has collapsed since mid-April, in spite of the bearish development..

For 2025 and 2026, JPMorgan is currently projecting growth of 13% for foreign exchange neutral (FXN) revenue, a 22% increase in operating income, a 24% surge in GAAP earnings per share (EPS), as well as a 30% increase in free cash flow (FCF).

Based on those assumptions, the bank sees a strong bullish case that supports the premium valuation of Netflix stock. The revised price target of $1,150 was constructed using a 38x multiple of the companys projected 2026 EPS of $30.46.