JPMorgan positive on Netflix shares into upfronts this week

JPMorgan analyst Doug Anmuth says Netflix (NFLX) shares are 30% above their post-tariff lows, significantly outperforming the S&P 500 Index, driven by the company’s “defensive” subscription business and streaming leadership against macro and tariff uncertainty. However, some of that may reverse near-term as trade relief shifts investors more to tariff-impacted names that have lagged in recent weeks, the analyst tells investors in a research note. More fundamentally, heading into Netflix’s upfronts this week, JPMorgan expects the company to provide updated advertising tier monthly active users, which it believes will be 100M. The firm also expects Netflix to announce further expansion of ads across international markets. JPMorgan remains positive on the shares with an Overweight rating and $1,150 price target