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Buy Netflix Stock on the Dip Ahead of Q2 Earnings for Coronavirus Boost?
On today’s episode of Full Court Finance here at Zacks, Ben Rains dives into all things Netflix (NFLX - Free Report) ahead of its second quarter earnings release that’s due out after the closing bell on Thursday, July 16. The goal is to help investors see if they should consider buying the streaming TV firm that has been boosted by the coronavirus stay-at-home push and more.
Netflix has benefited from the stay-at-home environment, alongside the likes of Zoom (ZM - Free Report) , Amazon (AMZN - Free Report) , and others. Wall Street celebrated the streaming TV giant’s big first quarter, where it added 15.8 million global paid users to destroy the 7 million guidance it provided before the coronavirus turned into a global pandemic.
The firm looks poised to grow for years to come as part of the broader streaming TV industry that now includes Disney (DIS - Free Report) , Apple (AAPL - Free Report) , HBO Max (T - Free Report) , and many others. The company also stands to benefit greatly in the near-term because movie theaters, concerts, and sports with fans in attendance will likely be some of the last things to return.
The question now is will Netflix be able to impress Wall Street again in Q2. It is worth noting that NFLX shares have fallen in the last few days, which could set up a better buying opportunity for those high on the stock. But it could signal that the best coronavirus case is already priced in.
That said, the broader tech space might remain a safe-haven for investors and Netflix is one of the only pure-play streaming TV stocks out there alongside Roku (ROKU - Free Report) .
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