Despite a mass stock market rebound this week, Netflix (NFLX) shares remain down in the last five days. Down 4.5% since Monday, NFLX’s slump is a surprise not just due to recent success in the tech market, but due to how Netflix has performed this year. YTD, NFLX is up 39%, and its numbers since 2020 continue to succeed.

Despite its confusing slide this week, analysts are still bullish on Netflix stock. Evercore ISI analysts, led by Mark Mahaney, wrote in a note that Netflix is among the “least risky” large-cap internet names heading into earnings. They cited strong subscriber satisfaction trends and growing ad tier traction. “NFLX has a very consistent recent track record of exceeding its revenue and operating income guidance,” Mahaney said.

Netflix (NFLX) stock has grown by nearly 100% in the last year, blasting investor forecasts out of the water. While that makes it one of the best-performing S&P 500 members over that span, it’s also boosted its valuation to 45 times expected earnings for the next year. Thus, there are growing concerns among Wall Street experts that the stock will eventually face a sell-off, sending shares plummeting. While “plummeting” isn’t quite the word to describe Netflix’s performance this week, the drop is certainly interesting. Investors may be hesitating ahead of the streaming giant’s next earnings release.

Netflix (NFLX) Earnings Revealed Next Week

Netflix is set to report second-quarter earnings on July 17. JPMorgan analysts anticipate revenue of roughly $11 billion and operating income north of $3.7 billion, both solid double-digit growth from a year ago. The company’s 2025 outlook boasts projected revenue approaching $45 billion, operating margins around 30%, and free cash flow as high as $9 billion. Furthermore, Netflix’s ad-supported business reaches roughly $94 million monthly users globally, per Evercore ISI. Ad revenue is expected to double in 2025.

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At press time, Netflix stock (NFLX) is trading near the top of its 52-week range. The shares also trade above their 200-day simple moving average. Analysts at CNN forecast the stock to trade at a median price of $1,200 over the next 12 months, and not going any higher than $1,600. Alternatively, upon a rough earnings report in two weeks, the stock could plunge lower, back towards $800.