Bernstein SocGen Group has reiterated an Outperform recommendation on Netflix, assigning a price objective of $115.00. At the quoted market price of $83.16, the target implies about a 38% upside for the stock.
Analyst Laurent Yoon noted that Netflix has pulled back from its 52-week high of $134.12, recorded in June 2025, by more than 35%. The stock is trading around 22 times estimated 2027 earnings per share, while its current trailing price-to-earnings ratio stands at 32.74. Data from InvestingPro indicates the share price has declined nearly 30% over the last six months.
Yoon described the shares as particularly appealing in the wake of Netflix’s fiscal 2025 fourth-quarter report, despite margin guidance that disappointed some investors. Market participants, he said, are watching for further entry points as short-term uncertainty remains elevated. The shares are trading just above their 52-week low of $81.93, and InvestingPro analysis suggests the name is slightly undervalued at current levels.
The Bernstein SocGen note highlights an active debate about what the optimal outcome for Netflix might be, given multiple potential scenarios that remain unresolved. In particular, the firm points to Warner Bros. Discovery’s current valuation as a signal that additional bidding rounds could materialize, which in turn could drive prices higher before accounting for any regulatory obstacles.
Bernstein SocGen identifies three principal overhangs affecting Netflix. The firm emphasizes that any material upside for current investors will depend heavily on the outcome and timing of those unresolved matters, without specifying alternatives beyond the observation that outcomes remain uncertain.
Netflix reported strong fourth-quarter results for fiscal 2025, exceeding market expectations with notable growth in both its subscriber base and its advertising business. The company reached 325 million paid subscribers, a figure cited by analysts and market participants tracking the results.
Following the quarter, two other brokerages adjusted their stances. Freedom Capital Markets moved Netflix from Hold to Buy but lowered its price target to $104.00. Phillip Securities upgraded its view from Sell to Accumulate, setting a $100.00 target and citing Netflix’s leadership in video-on-demand services as a rationale for the revised rating.
A major strategic development remains Netflix’s $83 billion proposal to acquire Warner Bros. Discovery. That bid has drawn scrutiny in the United Kingdom, where more than a dozen politicians and former policymakers urged the competition authority to carry out a comprehensive review. Concerns raised by these figures center on the possibility that the deal could further entrench Netflix’s market position in streaming.
At the federal level in the United States, Federal Communications Commission Chairman Brendan Carr has voiced competition concerns tied to the proposed acquisition, highlighting consolidation risks in the media and streaming markets. Separately, Barry Diller earlier approached Warner Bros. Discovery to express interest in buying CNN, an outreach that preceded Warner’s announcement of plans to split parts of the company. Those developments underscore continuing interest and shifting dynamics within the broader media landscape.
Bernstein SocGen’s maintained Outperform rating, together with the subsequent broker upgrades, reflects divergent market views that hinge on both Netflix’s operating momentum and the unresolved questions around the proposed Warner Bros. Discovery transaction and regulatory responses. Investors will likely monitor the three identified overhangs closely, as outcomes and timing will be central to any reassessment of the stock’s upside potential.