Netflix's stock price could plummet nearly $200 per share within the next quarter or two, Wedbush Securities analyst Michael Pachter said Monday.
"I think they had a great quarter, and I think their hubris in having a sell-side analyst moderate the call, who just happens to have an uber-strong 'buy' and a comparison to HBO, is a signal that they're going to crush numbers," he said. "I think that they got a tailwind from 'Arrested Development,' and I think that that will turn into a headwind, as I think the younger people who are attracted to 'Arrested Development' churn out this quarter."
Netflix will report second-quarter earnings after the stock market closes, with BTIG analyst Rich Greenfield and CNBC's Julia Boorstin hosting the earnings call.
(Read more: Netflix earnings: Moderating an open call)
Shares traded at $261.86, down 1 percent.
On "Fast Money," Pachter said that he remained bearish on the stock for the long-term, reiterating his "underperform" rating and a $65 price target.
"I'm curious to see what they guide to for domestic streaming subscriber additions this quarter," he said. "My bet is it'll be 1 million to 1½ million, and that's enough to make the stock go up. The question is: Will they actually hit that number? If they hit that number, I have to reconsider."
Pachter also said that he was wary of the company's cash flow.