Wedbush Securities analyst Michael Pachter makes the point that it's not its earnings and revenue numbers that interest Netflix investors every quarter.
"There's nothing special about their earnings," Pachter said. "It's just been their subscriber numbers. They've been able to grow more than suspected, and they've been winning investors over with their promise that they're going to be bigger than HBO."
In other words, "it's a story stock," he told CNBC.com. And so far, the quarterly growth in subscriber numbers has been advancing the story nicely.
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But Pachter is not a believer. "The story is that they're going to grow to 40 to 60 million domestic subscribers, have tons of pricing leverage and raise prices whenever they feel like it, and those subscribers will pay whatever Netflix charges," while content creators won't demand more money for the content that is the lifeblood of the company's business.
"That sounds so stupid to me," Pachter said flatly. He has an "underperform" rating and a $140 target on the stock, which opened Monday at $343.
On average, analysts expect the stock to report earnings of 49 cents per share on $1.1 billion worth of revenue.