By Sam Boughedda JPMorgan analysts told investors in a note Monday morning that they expect $600 million in ad revenue for Netflix (NASDAQ: NFLX ) in 2023 and $2.7 billion by 2026. JPMorgan kept a Neutral rating and a $240 per share price target on the stock. "Given NFLX's recently muted sub growth, advertising is critical to re-accelerating revenue, expanding NFLX's SAM, & driving greater profitability," analysts wrote. "NFLX has made some key ad hires and has the help of Microsoft, but we still expect the ad offering to take time to scale. We expect NFLX to focus on large brand marketers in the US to start, and soon expand to Western Europe & other regions." The analysts added that overall, JPMorgan expects trade-down primarily from the lowest tier and to a lesser degree from the middle tier, but it also notes that Netflix has had a "wide range of tiers/price points for many years, which should mitigate some of the movement."