金吾财讯 | 富国银行新近发布研报，将Netflix（NFLX）的股票评级从“持股观望”直接下调至“减持”，并将其目标价由80美元大幅下调至57美元。富国银行分析师史蒂文·卡哈尔指出，Netflix面临严峻的用户参与度挑战。数据显示，2026年上半年Netflix收视率下降8%，前100部原创剧集的观看时长减少3%；预计今年下半年其前100部原创剧集的观看时长将同比暴跌超20%。报告进一步指出，Netflix正将内容分发拓展至YouTube，并加大对游戏、纪录片及体育赛事的投入，但这可能导致其偏离爆款原创内容的核心优势。受内容支出重置及成本压力影响，富国银行下调了对Netflix 2027年和2028年的营业利润率预期分别至32.6%和34.2%，认为其未来盈利前景面临更高不确定性。
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