Phillip Securities Cuts Netflix Target to $100, Keeps Buy Rating

Phillip Securities Research cut its target for Netflix (NFLX) common shares to $100 from $110 on Oct. 23, trimming its valuation assumptions as analyst Helena Wang flagged weakening engagement while keeping a Buy recommendation.

The target reduction changes the firm’s valuation view, not its rating: Phillip Securities Research maintained Buy. The firm cut its own 2026 revenue estimate by 1% and lowered its terminal growth assumption to 3% from 3.5%. Wang wrote that “Weakening engagement is now a main concern for NFLX.”

Netflix’s third-quarter revenue was $12.874 billion, up 11.8% from a year earlier. The company forecast fourth-quarter revenue of $13.442 billion, implying 11.5% year-over-year growth. That outlook was part of the context for the analyst’s concerns about slower growth.

Netflix also lowered its expected 2026 advertising revenue to about $2.7 billion from approximately $3 billion, tying the reduction to a slower rollout of some ad products. The ad figure is Netflix’s forecast; the 1% revenue-estimate cut is Phillip Securities Research’s own revision. Wang cited Netflix’s pricing power, advertising potential and profitability while maintaining the Buy view.

The target applies to Netflix common shares. Binance’s NFLXUSDT is a separate, USDT-settled perpetual contract that tracks those shares, trades around the clock and does not give holders ownership of Netflix stock.

Earlier analyst target changes put Netflix targets between $70 and $100 after three cuts from Oct. 6 to Oct. 8. The earlier coverage of Netflix analyst targets provides context for the new $100 target.