The bull case for Netflix ahead of earnings

Netflix looks attractive heading into its quarterly earnings report being issued Monday afternoon, even after a massive run, strategist Mark Tepper says.

Netflix shares have jumped 15 percent this year alone, and a whopping 65 percent in the last year. Shares rose over 1 percent on Thursday after Morgan Stanley released a bullish note on the stock.

Ahead of earnings, investors still have time to get in on the stock despite its run, said Tepper, president and CEO of Strategic Wealth Partners. Here are his reasons:

• While many investors may focus on revenue and earnings growth, the key metric to watch will be subscriber growth, which will likely beat analysts' expectations.

• This would be a strong indication of long-term growth and show the streaming video company is on pace for a strong year.

• For now, Netflix could be viewed as a buy, though investors should consider the competition that could arise next year as Disney prepares to remove its content from Netflix and launch its own streaming service.

The stock currently trades at a hefty 92 times forward earnings, according to FactSet data.

Bottom line: Tepper sees further upside for Netflix and marks it a buy at these levels, even after a big run.

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