On Tuesday, September 30, Elon Musk announced he had cancelled his Netflix (NASDAQ: NFLX) subscription due to frustration with the company’s decision to onboard creators with ideological views clashing with his own.
With a single post on X, the world’s richest man sparked a trend on social media, prompting countless followers to follow suit and abandon the platform as their go-to entertainment stop.
The situation continued developing on Wednesday, October 1, when Musk once urged people to “cancel Netflix for the health of their kids.”
Unsurprisingly, the entrepreneur’s wide social media reach and influence dealt a blow to the streaming service’s stock, which dropped more than 1% in pre-market on Wednesday, sitting at $1,185.67 at the time of writing.
Whether Musk’s cancellation will translate into a lasting setback for Netflix or prove to be nothing more than a temporary blip in the company’s share price remains to be seen.
New Netflix stock price targets
Netflix shares dipped 0.62% on September 30, too, as Goldman Sachs had cut its NFLX price target from $1,310 to $1,300 for the next 12 months while reiterating a “Neutral” rating a day earlier, just ahead of the company’s third-quarter 2025 earnings.
A day later, Bernstein reaffirmed its “Outperform” rating on Netflix with a $1,390 forecast, citing strong fundamentals, including a 70% gain over the past year.
At press time, October 1, the average NFLX stock price target for the next 12 months is $1,398.45, implying a 16.64% upside from the current levels, based on a total of 37 ratings aggregated on TipRanks.
Despite the slight price reduction, however, Goldman expects the entertainment giant to maintain a solid performance with a strong 2025 content slate in the following months.
Analyst Eric Sheridan also highlighted ongoing investor debates around pricing cadence in key markets, ad tier expansions, and the platform’s competitive standing versus rival streamers and social media websites.
While market optimism was also amplified by Netflix’s alleged plans to acquire Warner Bros. Discovery (NASDAQ: WBD), Bernstein’s Laurent Yoon cast doubt on the strategic value of such a decision.
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