Netflix stock falls 1.11 percent as HSBC cuts its target

Netflix stock fell 1.11 percent to USD 71.36 on September 23, 2026, leaving the company with a market capitalization of USD 297.14 billion. The move followed a fresh HSBC downgrade that put the streaming company below its recent valuation levels.

HSBC cuts its target

MarketBeat reported on September 23, 2026, that HSBC changed its Netflix rating from Buy to Hold and reduced its price target from USD 96.00 to USD 76.00. The new target is USD 4.64 above the September 23 closing price, while the cut itself amounts to USD 20.00.

The downgrade gives the market a clear counterweight to Netflix's operating figures. It also places the revised target only USD 4.64 above the latest close, a narrower gap than the previous target implied.

Q2 revenue rises 13 percent

Netflix generated USD 12.56 billion in Q2 2026 revenue, up 13 percent from the same quarter a year earlier, while operating margin reached 33.4 percent, according to Moomoo. Diluted EPS was USD 0.80 for the quarter, compared with a reported consensus figure of USD 0.79.

The combination matters because the latest market pressure is occurring alongside double-digit revenue growth and a 33.4 percent operating margin. Netflix therefore faces a valuation debate rather than a simple deterioration in the reported quarter.

Netflix stock stays near yearly low

At USD 71.36 on September 23, 2026, Netflix stock stood USD 6.28 above its 52-week low of USD 65.08 and USD 53.50 below its 52-week high of USD 124.86. The distance to both boundaries shows how sharply the valuation range has widened during the past year.

Netflix stock closes at USD 71.36

Netflix stock closed at USD 71.36 on Nasdaq on September 23, 2026, down USD 0.80 or 1.11 percent from USD 72.16. The session high was USD 72.37, the low was USD 71.07, and market capitalization was USD 297.14 billion.