Netflix could be due for a slowdown, according to JPMorgan. The firm downgraded the streaming giant to neutral from overweight. The bank did raise its price target to $1,220 from $1,150, but that only implies upside of roughly 2% from Friday's close. "To be clear, there's no change to our long-term bullish view on NFLX's streaming leadership position & the company's potential to effectively become global TV over time," analyst Doug Anmuth said. "However, more near-term, following significant stock price appreciation & outperformance, we believe the risk/reward in NFLX shares is becoming more balanced." NFLX YTD mountain Netflix stock in 2025. Netflix has surged nearly 34% in 2025, compared to a 1.3% gain for the S & P 500 . With the stock hovering near its all-time high, the analyst thinks any potential upside to the company's 2025 outlook is already priced in. Shares hit a record high last week, reaching an intraday high of $1,196.50. Those gains come as investors fret over global trade tensions after President Donald Trump unveiled a slew of broad tariffs on imported goods. Wall Street has sought protection in Netflix as worries persist, but Anmuth said they could begin moving elsewhere. "NFLX shares have been defensive, but if tariff & macro concerns continue to ease, we would expect rotation into other Internet names & parts of the market that have been more vulnerable & pressured," the analyst said. "Summer months are seasonally slower for NFLX, & post last week's Upfront the near-term catalyst path may be quieter, despite compelling 3Q content," he added. Netflix shares were down more than 2% in the premarket after the downgrade. Despite the rating change, most analysts remain bullish on the stock. LSEG data shows that 38 of 51 analysts covering Netflix rate it a buy or strong buy. the remaining 13 have a hold rating on it.
