So far, 2026 has not been a strong year for Netflix (NASDAQ: NFLX) and, unfortunately for the streaming platform’s investors, some Wall Street analysts appear to have relatively little faith in a recovery within the foreseeable future.
For example, HSBC analyst Mohammed Khallouf downgraded his NFLX equity rating from ‘Buy’ to ‘Hold’ and decreased his price target by a significant 20.83%, from $96 – 33.04% above the latest close of $72.16 – to $76 – just 5.32% above.
According to the Wall Street expert, Netflix has been losing market share to the Google (NASDAQ: GOOGL)-owned video platform YouTube, and there is little chance of recovery in the near-term.
The analyst also noted that Alphabet’s platform has been increasing its living room footprint and that its positive momentum is largely coming at the expense of Netflix.
Notably. Khallouf is more pessimistic than the average forecast based on the notes issued within the last three months.
Analysts predict Netflix stock price in the next 12 months
Overall, NFLX stock is still considered a “Moderate Buy’ by institutional experts and is expected to rally 30.74% to $94.34 in the next 12 months, per the data Finbold retrieved from TipRanks on September 23.
Additionally, the HSBC analyst proved to be more bearish than the majority of his peers who shared updated assessments since the month started.
Indeed, Wells Fargo’s Steven Cahall was the only prominent expert to issue a lower price target when he downgraded his estimate from $80 to $57 and assigned a ‘Sell’ recommendation to Netflix shares.
Meanwhile, Brian Pitz from BMO Capital set a rather high $135 forecast along with a ‘Buy’ rating on the same day as Mohammed Khallouf published his downgrade.
Netflix stock price drops 20% in 2026 despite strong spring rally
Elsewhere, Netflix stock’s performance in 2026 appears closer to the more bearish takes. While NFLX recorded a strong 41% rally between late February and mid-April, it subsequently erased all gains.
Thus, Netflix equity was 20.69% in the red year-to-date (YTD) when it met the September 22 closing bell, changing hands at $72.16.
Featured image via Shutterstock
