Netflix Inc (NASDAQ:NFLX) shares are trending Tuesday. The company secured exclusive rights to the 2030 FIFA World Cup in Spain and Andorra. Here's what you should know.
Netflix Wins Exclusive 2030 FIFA World Cup Rights in Spain and Andorra
Netflix struck a major sports deal for the 2030 FIFA World Cup. The agreement gives the company live coverage of all 104 matches in Spain and Andorra.
The 2030 edition marks the tournament's centennial, counting from the first one in 1930. Spain will co-host with Morocco and Portugal. Argentina, Paraguay and Uruguay will host anniversary matches.
Free viewing is part of the plan. Fans in Spain will get a free match each matchday. Netflix will also share a package of games with a national free-to-air partner, which covers every Spain game, both semifinals and the final.
KeyBanc Maintains Overweight, Lowers Price Target to $85
Separately, KeyBanc analyst Justin Patterson updated the firm's view on Netflix. KeyBanc now sets its price target at $85, down from $92, while the Overweight rating stays in place.
The firm also shaved its revenue and earnings per share outlook for each year from 2026 through 2028, Investing.com reported. Two pressures drove the changes. Currency moves are working against Netflix and content spending is likely to bring smaller operating margin improvement than KeyBanc previously assumed.
KeyBanc paired the cuts with a view on valuation. The firm said investors have probably already absorbed fears of slowing engagement and limited margin growth as Netflix now sells for under 15 times its 2028 earnings, KeyBanc said.
KeyBanc believes Netflix leaders recognize these problems. The firm expects them to respond by changing how Netflix spends on content and by rebalancing costs. KeyBanc expects those moves to strengthen overall growth and earnings.
NFLX Shares Are Climbing
NFLX Price Action: Netflix shares were were up 0.35% at $70.86 at the time of publication on Tuesday, according to Benzinga Pro.