Netflix Is Now a BUY

On Tuesday, Netflix (NASDAQ:NFLX) reported its third-quarter earnings. The streaming giant fell short on new subscriber targets after blowing past expectations in the first two quarters of the year. Netflix stock is down in after-hours trading, continuing a slide that began a week ago. Last Tuesday, NFLX closed at $554.09, marking the point where it had almost fully recovered from September’s tech stock selloff, but it has been downhill since.

The novel coronavirus pandemic-driven growth in subscribers had to slow up sometime. Netflix itself pointed that out in July when it issued third-quarter guidance.

At this point, you can join the naysayers who worry that Netflix is hitting a growth wall. Or, you can join those who think that Netflix stock could nearly double over the next two to three years. If you’re in the latter camp, the current dip in Netflix over the third-quarter subscriber miss is an opportunity to pick up shares at a discount.

Bottom Line on Netflix Stock

Netflix is a Portfolio Grader ‘A’ rated stock, and with good reason. Even in a quarter that disappointed Wall Street, sending Netflix shares down, the company still posted earnings per share of $1.74 and $6.4 billion in revenue. And I should note that even after those first- and second-quarter earnings reports, with their massive subscriber growth numbers, the shares were still hammered immediately after. But the stock recovered as cooler heads prevailed.

Despite its latest weeklong slide, Netflix stock is still up nearly 60% in 2020. And if a growing number of investment analysts are rating the stock as a Hold these days, a Buy recommendation remains much more likely. The 43 analysts tracked by CNN Business have a median 12-month price target of $570, which offers over 15% upside. One bull has a $670 price target. That’s a little optimistic, but I agree with the sentiment: Netflix bears are too fixated on this quarter’s subscriber letdown and the headlines made by streaming competitors.

Netflix is here for the long term, and the stock is going to continue to deliver long-term growth — even if subscriber growth can’t keep up with the breakneck pace set early in the pandemic.    

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