Netflix's Q2 2026 earnings prompted a wave of Wall Street analysts to cut their price targets on the streaming giant, reflecting growing uncertainty over engagement momentum even as most retained long-term confidence in the company's outlook. Shares hit new 52-week lows in pre-market trading on Friday, falling to $66.88, as the results reignited debate about audience engagement, reduced disclosure and the effects of the football World Cup on viewing habits.

Analysts including Laurent Yoon of Bernstein and Alicia Reese of Wedbush Securities lowered their targets while keeping "outperform" ratings, with Yoon cutting his from $100 to $95 and Reese trimming hers from $118 to $105. Both cited uncertainty stemming from Netflix's decision to scale back engagement disclosures and a weaker-than-expected outlook for the rest of the year, though they praised the company's experiments with short-form content and potential linear offerings as sensible adaptation rather than abandonment of its core business. Several analysts suggested the stock could remain under pressure until 2027, urging investors to be patient while the streamer, led by co-CEOs Ted Sarandos and Greg Peters, works through the transition.