Deutsche Bank upgraded Netflix to Buy from Hold and lowered its price target to $95 from $100, saying the new target is roughly 35% above the company’s Sept. 29 close of $70.30. Analyst Bryan Kraft said investors may be focusing too heavily on weaker U.S. viewing while overlooking Netflix’s larger international opportunity. International viewing has risen year over year during each of the past four six-month periods, and more than 60% of Netflix’s content production is now outside the United States. Kraft estimates the shares trade at about 18 times Deutsche Bank’s 2027 earnings forecast, compared with roughly 40 times forward earnings near the June 2025 peak. Netflix shares were slightly lower at around $70.14 in Wednesday premarket trading after gaining 1.55% Tuesday. The company’s second-quarter revenue rose 13% to $12.56 billion and operating income increased 11% to $4.19 billion. Netflix reports third-quarter results on Oct. 20.