Deutsche Bank upgrades Netflix to Buy with a $95 target

Deutsche Bank upgraded Netflix to Buy from Hold in a note on Tuesday, September 29, 2026. The bank reduced its price target to $95 from $100 after lowering its operating income and free cash flow estimates, but the new target still implies 37% upside.

Analyst Bryan Kraft stated that Netflix shares trade at 18 times Deutsche Bank's 2027 earnings estimate. That valuation has fallen from about 40 times forward earnings in June 2025, when the stock reached its peak.

Kraft argued that investors focus too heavily on viewing time among United States audiences. In contrast, international engagement has increased year over year in each of the past four six-month periods. Netflix now produces more than 60% of its content outside the U.S., supporting its global reach.

The analyst also views artificial intelligence as an advantage for the company. Because Netflix has operated as a technology-driven business since its founding, Kraft noted it can deploy AI in production, personalization, and advertising more effectively than competing streaming services.