Netflix (NFLX) Slated to Report 3Q’21 Earnings

Netflix, Inc (NASDAQ: NFLX) is set to report 3Q’21 results after Tuesday’s close. Wall Street analysts are on average expecting the streaming entertainment giant to post $7.48 billion in revenue and 3.5 million net subscriber adds during the September quarter. This would show a 16.22% revenue growth from the same period in 3Q’20. EPS is expected to come in at $2.56, an increase of 61% from $1.59 per share a year earlier. Earningswhispers meanwhile, anticipates EPS coming in at $2.70 per share.

For the current quarter, consensus calls for $7.67 billion in revenue and EPS of $1.10 a share. Another important figure to watch is subscriber trends. Netflix had 6 million paid net subscribers in the first half of 2021. That compares with 12 million and 25 million new subs in the same period in 2019 and 2020, respectively. For the quarter concluding in December, consensus calls for 8.5 million net subscriber additions.

During the week, several firms raised their price targets on Netflix shares. Morgan Stanley (NYSE:MS) gave a base target price of $650 with a high of $850. The banking giant gave an “Overweight” rating on the name that currently trades at roughly 49 forward P/E.

Netflix was also raised to $705 from $600 at Piper Sandler. In a note to investors, the firm said that Netflix may be developing “a production cost advantage relative to peers via overseas content like Squid Game”.

Credit Suisse also upped NFLX’s target price to $740 from $643 while Jefferies lifted the name to $737 from $620.

Stock Price

Netflix shares have gained 16% year-to-date and nearly 20% since the $280 billion market cap company unveiled 2Q’21 results in July.

The ticker closed 0.87% lower at $628.29 on Friday.

NFLX hit a record high of $646.84 on Oct. 7.

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