Tech

One Wall Street bank worries that Netflix's subscriber numbers will be disappointing

Worries about lower than expected subscriber growth has made one analyst cautious on Netflix.

"We have done a survey every year and it suggests looking at the first quarter that penetration in the U.S. held relatively flat," William Power, analyst at Robert W. Baird, told CNBC on Monday. The company reports earnings after the bell Monday.

Still, many investors will be looking at the streaming service's ability to expand internationally as much as domestically, and growth abroad could make Wall Street more optimistic.

A decline in the number of hit shows is another reason analysts have a less-than-positive outlook on the stock. In an increasingly hit driven space, Power says Netflix hasn't done as good of a job rolling out popular content last quarter.

"Last year, Making a Murder and House of Cards were huge hits. Look at the first quarter there weren't any huge new hits relative to a year ago," he said.

While the company's content spending is set to hit $6 billion this year, that is giving analysts more reason for concern "One of the longer term concerns is free cash burn from that content spend," he said.