Quick Read
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Deutsche Bank upgraded NFLX to Buy, arguing Wall Street’s fixation on U.S. viewership ignores four consecutive periods of rising international engagement.
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Netflix remains under 45% penetrated into roughly 800 million addressable households, with every region posting double-digit revenue growth in Q2.
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NFLX is down 25% year-to-date near its 52-week low, yet carries $27 billion in remaining buyback authorizations and holds no Sell ratings.
Deutsche Bank upgraded Netflix (NASDAQ:NFLX) to Buy from Hold. In the same note, it cut its price target to $95, down from $100. The firm says that the market’s “obsession” over U.S. time spent on Netflix overlooks the company’s larger total addressable market and “healthier” international engagement trends.
The upgrade suggests Wall Street is paying closer attention to Netflix’s global reach after a sharp sell-off.
Deutsche Bank’s Case <a href="https://bitcomme.com/sentinelone-nyses-vs-the-rest-of-the-cybersecurity-stocks/” title=”SentinelOne (NYSE:S) Vs The Rest Of The Cybersecurity Stocks”>Rests on Overseas Viewing
According to the research note, Netflix’s international time spent has increased year-over-year in each of the past four six-month periods. Deutsche believes this year’s weakness in U.S. time spent “could simply be driven by less creative success,” a problem the next round of hits could fix.
The firm also says Netflix has an “established competitive advantage and substantial lead” over competitors in international production. It adds that the stock’s valuation now offers an attractive entry point.
Company data backs up that view. Non-English content drives more than a third of all viewing. View hours grew 2% in H1 2026 vs. 1.5% in 2025, even with competition from the Winter Olympics and World Cup.
Company Snapshot: Double-Digit Growth in Every Region
Second-quarter revenue rose 13.4% YoY to $12.56B, just short of the $12.58B estimate. EPS of $0.80 beat expectations of $0.79, and operating margin reached 33.4%. Latin America grew 21%, Asia Pacific 16%, EMEA 14% and North America 10%.
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