Quick Read
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Steve Weiss bought back into Netflix at $71 after exiting in June at $86, calling it a tactical trade against extreme sector negativity, not conviction.
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Wells Fargo targets $57 on softening engagement while BMO holds a $135 outperform, with October 20 earnings likely settling the bull-bear standoff.
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Netflix’s 330 million subscribers, record $4.7 billion Q2 buyback, and ad revenue expected to double to $3 billion anchor the bull case at a 19 forward P/E.
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Steve Weiss, founder and managing partner of Short Hills Capital Partners, told viewers of CNBC’s Halftime Report on September 23, 2026 that he had added to his position in Netflix (NASDAQ:NFLX) after a Wells Fargo downgrade to sell pushed the stock lower. The trade is notable because Weiss had exited the name in June and watched it fall 17% without him before deciding the bad news was priced in.
What sharpens the trade: Weiss is stepping back in while cautioning, “I’m not feeling particularly good about any of the streamers.” He framed the buy as a tactical trade against extreme negativity in the sector.
A Painful Year for Netflix Holders
Netflix trades near $71.49, down 41.75% over the past year from $122.74, and off 23.89% year to date. The five-year return tells a starker story: NFLX is up just 20.3% since September 2021, while the SPDR S&P 500 ETF (NYSEARCA:SPY) has returned 73.41% over the same span.
Weiss’s June exit looks well timed in hindsight. NFLX closed at $85.85 on June 1 and has slid 15.95% since, including an 8.23% drop in the past week alone after the Wells Fargo call.
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Analyst Split: Wells Fargo vs. the Bulls
The bearish case landed hard. Wells Fargo cut Netflix to a sell with a $57 price target amid softening engagement, which would imply more than 25% additional downside. The Barron’s take on the downgrade argued Netflix is losing the streaming wars to Disney. On CNBC’s Halftime, Josh Brown called Netflix his biggest mistake of 2026, citing YouTube’s growing TV viewership and a long stretch without an original show that people are talking about when they turn the TV off.
