Netflix NFLX expands NFL deal as JPMorgan sees about 35% upside

Netflix Inc. (NFLX) expanded its NFL streaming slate under a four-year extension through the 2029-2030 season, adding five games for the 2026 season and strengthening its push into live sports and advertising. The 2026 package includes an Australia matchup, a Thanksgiving Eve game, two Christmas Day games and one Week 18 game. Netflix also plans to host NFL Honors during Super Bowl week. JPMorgan analyst Doug Anmuth said in a May 14, 2026, note that live sports should help attract more ad-tier subscribers and advertising dollars. He reiterated an Overweight rating and a $118 price target, implying about 35% upside from recent levels. The bullish view comes after Netflix shares fell following first-quarter results in May 2026. The stock is down 7% year to date. Investors were disappointed that Netflix did not raise full-year 2026 revenue guidance of $50.7 billion to $51.7 billion, while its 31.5% operating margin outlook trailed analysts’ 32% estimate. Reed Hastings’ decision to step down as chair added to investor uncertainty.