Netflix Stock Could Climb Another 25% Thanks To Second-Half 'Content Bonanza,' Says Bank Of America

Netflix Inc. NFLX just earned a bullish call from Bank of America, which believes that even after a 33% year-to-date surge to all-time highs, the stock still has more upside ahead.

In a note shared Friday, analyst Jessica Reif Ehrlich said the streaming leader is benefiting from strong advertising momentum, a massive content slate and continued subscriber growth.

The investment bank lifted its price target on Netflix from $1,175 to $1,490, suggesting a 25% upside.

Why Bank of America Is Bullish On Netflix

Netflix has been a top performer in the firm's coverage, supported by "sustained earnings momentum, positive subscriber trends," and a "defensive rotation related to tariffs."

At its recent 2025 Upfront presentation, Netflix reported that its ad-supported plan now reaches 94 million monthly active users—up from 70 million in November 2024 and 40 million one year ago.

Reif Ehrlich said the platform now delivers "more 18-34-year-olds than any U.S. broadcast or cable network," a milestone that significantly boosts its appeal to advertisers.

Netflix's move off Xandr and onto its own ad tech stack is proceeding smoothly. The company has already launched its in-house ad platform in the U.S. and Canada, and rollouts in 10 other ad markets are ongoing. The expert wrote that "long term, ads will be personalized and customized."

Second-Half Content Slate Could Boost Engagement

Netflix's second-half programming schedule is what Reif Ehrlich called a "content bonanza," featuring the return of its three most-watched franchises—”Squid Game” on June 27, “Wednesday” on August 6, and “Stranger Things” later this year.

These are joined by new originals like Guillermo del Toro's “Frankenstein,” Adam Sandler's “Happy Gilmore 2,” and Tina Fey's “The Four Seasons.”

On the live content front, Netflix is betting on boxing matches from Madison Square Garden—produced by Jake Paul's Most Valuable Promotions—and NFL games on Christmas Day.

Reif Ehrlich said this lineup supports “healthy retention and subscriber growth,” and positions Netflix for stronger ad engagement.

Netflix's Position Remains Strong

Reif Ehrlich lifted her valuation multiple from 32x to 40x expected 2026 EBITDA, in line with Netflix's current trading range. She said the move is backed by "increased visibility in growth drivers" including advertising and live programming.

"We continue to view Netflix as well positioned given the company's unmatched scale in streaming," Reif Ehrlich said, also pointing to "significant opportunities in advertising and sports/live."

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