# Wolfe Downgrades Netflix as Supino Estimates Flat-to-Down Engagement By John Kim Canonical URL: https://www.tokenpost.com/news/business/38618 Published: 2026-10-23T03:00:48.000Z Updated: 2026-10-23T03:00:48.000Z Section: Business > The firm cut its 2027 revenue estimate to $56.27 billion and earnings estimate to $3.67 per share, and withdrew its $95 price target. Wolfe Research moved Netflix to Peer Perform from Outperform on Thursday, after Wolfe Research analyst Peter Supino estimated U.S. and Canadian engagement was flat to down in the first half of 2026. Supino lowered his 2027 revenue estimate to $56.27 billion from $56.68 billion, a forecast that implies 10.1% growth. He cut his earnings estimate to $3.67 per share from $3.73 and withdrew his $95 price target. Supino pointed to a $3 billion increase in Netflix’s content expense over two years. He also cited YouTube’s growing share of television viewing and increased spending by Amazon, Apple, Disney and HBO. A July measure of U.S. TV viewing put YouTube at 14.2%, compared with Netflix at 7.8%. Supino identified a shortage of major new hits as a key factor in stalled subscriber growth. Separately, he said Netflix had struggled to sustain viewership growth for its biggest shows and films, with the final season of Stranger Things an exception. Netflix’s global viewing total exceeded 97 billion hours from January through June, up 2% from the same period in 2025. That figure counts total hours watched and does not show whether the average member watched more. For the quarter ended Sept. 30, Netflix revenue rose 11.8% to $12.874 billion, and diluted earnings were $0.87 per share. Needham also downgraded Netflix after the results; [Needham’s downgrade after Netflix’s results]() covered that move. ## Links in this article - [Needham’s downgrade after Netflix’s results](https://www.tokenpost.com/news/business/37079)