Q2 earnings season officially begins this week with 27 S&P 500 companies set to report second quarter results. Tomorrow the largest U.S. banks will kick things off with Citigroup, JPMorgan Chase and Wells Fargo set to report.
This should be an interesting week. We hope that you’ve taken some time to sit down with the earnings calendar and strategize some earnings plays for the season. We will be highlighting some of our own earnings play recommendations in the coming days, so stay tuned.
Today we are looking at a notorious winner set to announce earnings later this week. Netflix will be reporting its Q2 earnings on Thursday. Some analysts are expecting the streaming entertainment giant’s second quarter to match or exceed the first quarter’s stellar results.
NFLX stock has booked impressive returns as a result of the pandemic and analysts say it’s not showing signs of topping out anytime soon. Netflix is having a great year so far, with shares lifting 67%, pushing through to an all time high of $548. We think there could be much more upside action and we’re not alone.
Wall Street consensus ratings show an increasingly bullish outlook as the company has steadily shifted into the “Moderate Buy” column so far in 2020. Goldman Sachs also just raised their price target for NFLX to $670 on Friday.