---
title: "Deutsche Bank Says Investors Miss Netflix Growth Story"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/300472784.md"
description: "Deutsche Bank upgraded Netflix to Buy, citing undervaluation driven by international growth and AI potential. Despite lowering financial estimates, analyst Bryan Kraft highlights strong global engagement and a competitive advantage in international production as key drivers for future multiple expansion."
datetime: "2026-09-29T18:19:56.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/300472784.md)
  - [en](https://longbridge.com/en/news/300472784.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/300472784.md)
generator: "portal-rs"
---

# Deutsche Bank Says Investors Miss Netflix Growth Story

Netflix just picked up a fresh Wall Street upgrade, with Deutsche Bank turning bullish on the streaming giant as international growth and artificial intelligence strengthen the long-term investment case.

Deutsche Bank analyst Bryan Kraft upgraded Netflix to Buy from Hold while cutting his price target to $95 from $100. The new target still implies roughly 37% upside from the stock's last close.

The upgrade comes even as Kraft lowered his operating income and free cash flow estimates following Netflix's second-quarter results.

His argument centers on what investors may be missing.

Kraft said the market's focus on U.S. viewing time could be overshadowing stronger international trends. Netflix's international engagement has increased year over year in each of the past four six-month periods.

That matters because Netflix has built what Kraft described as an established competitive advantage in international production.

More than 60% of Netflix's production now takes place outside the United States, giving the company a deep global content pipeline and potentially stronger leverage across international markets.

Kraft believes Netflix's scale, brand and organizational expertise could eventually support a broader Netflix As A Platform business.

Valuation also plays a major role in the upgrade.

Netflix now trades at about 18 times Kraft's 2027 earnings estimate, compared with roughly 40 times forward earnings in June 2025.

He believes the current multiple undervalues Netflix's growth outlook and could expand into the low-to-mid 20s.

**Investor Takeaway**

Artificial intelligence provides another potential upside lever.

Kraft described AI as more friend than foe, pointing to applications across content production, personalization and advertising.

For investors, the setup is becoming less about whether Netflix can dominate U.S. streaming engagement and more about whether international growth, platform expansion and AI-driven efficiencies can support renewed multiple expansion.

The main tension is clear: Deutsche Bank lowered some financial estimates, but still sees enough valuation upside and global growth potential to justify a Buy rating.

That makes international engagement, margins and AI-driven monetization the key areas to watch next.

### Related Stocks

- [NFLX.US](https://longbridge.com/en/quote/NFLX.US.md)
- [NFLP.US](https://longbridge.com/en/quote/NFLP.US.md)
- [NFLU.US](https://longbridge.com/en/quote/NFLU.US.md)
- [NFLW.US](https://longbridge.com/en/quote/NFLW.US.md)
- [NFLY.US](https://longbridge.com/en/quote/NFLY.US.md)
- [NFX.US](https://longbridge.com/en/quote/NFX.US.md)
- [NFXL.US](https://longbridge.com/en/quote/NFXL.US.md)
- [NFXS.US](https://longbridge.com/en/quote/NFXS.US.md)
- [DB.US](https://longbridge.com/en/quote/DB.US.md)

## Related News & Research

- [What's Going On With Netflix Stock?](https://longbridge.com/en/news/300458530.md)
- [BUZZ-Netflix gains; Deutsche Bank turns bullish on valuation](https://longbridge.com/en/news/300462750.md)
- [Netflix Stock Rebounds as Deutsche Bank Upgrades NFLX to Buy and Sees 37% Upside](https://longbridge.com/en/news/300442358.md)
- [YouTube's Lead Over Netflix in TV Viewing Keeps Growing. Is Netflix Stock a Sell?](https://longbridge.com/en/news/300867216.md)
- [Netflix Stock Sinks 25% This Year — Deutche Bank Says Buy](https://longbridge.com/en/news/300453970.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**