Netflix Stock Is In The Spotlight Thursday: What's Going On?

Netflix Inc NFLX shares are in the spotlight Thursday ahead of earnings. Here’s what you need to know.

What To Know: Netflix is set to report first-quarter financial results after the bell on Thursday. Analysts expect the streaming giant to report earnings of $4.52 per share and revenue of $9.275 billion, according to estimates from Benzinga Pro.

Last quarter, Netflix turned in mixed results. The company beat revenue estimates of $8.72 billion, turning in revenue of $8.83 billion, but missed earnings estimates of $2.21 per share when it reported earnings of $2.11 per share.

The stock still moved higher as global paid memberships jumped 12.8% on a year-over-year basis and the company issued upbeat guidance. Netflix said it expects paid net additions to be down sequentially in the first quarter, but up again on a year-over-year basis.

Netflix guided for first-quarter revenue of $9.24 billion and first-quarter EPS of $4.49. The company also raised its 2024 operating margin forecast from a range of 22% to 23% to a new target of 24%.

Several analysts have raised price targets on the stock ahead of earnings. Here’s a look at all of the analyst changes over the last two weeks.

• BMO Capital analyst Brian Pitz reiterated Netflix with an Outperform and raised the price target from $638 to $713.

• Macquarie analyst Tim Nollen maintained Netflix with an Outperform and raised the price target from $595 to $685.

• Guggenheim analyst Michael Morris maintained Netflix with a Buy and raised the price target from $600 to $700.

• Morgan Stanley analyst Benjamin Swinburne maintained Netflix with an Overweight and raised the price target from $600 to $700.

• Piper Sandler analyst Thomas Champion maintained Netflix with a Neutral and raised the price target from $550 to $600.

• Barclays analyst Kannan Venkateshwar maintained Netflix with an Equal-Weight and raised the price target from $475 to $550.

• TD Cowen analyst John Blackledge maintained Netflix with a Buy and raised the price target from $600 to $725.

• JPMorgan analyst Doug Anmuth maintained Netflix with an Overweight and raised the price target from $610 to $650.

Don’t Miss: Netflix Targets Operating Margin Expansion With Growing AVOD Members And Monetization – Analyst Sees Content Innovation At Scale

NFLX Price Action: Netflix shares were down 0.34% at $611.60 at the time of publication, according to Benzinga Pro.

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