Netflix Inc (NASDAQ: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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