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Actionable news in NFLX: Netflix, Inc.,

Street’s most bearish Netflix analyst thinks stock will pop

Netflix is due to report third-quarter results on Wednesday after the close, and despite having the most bearish price target on Wall Street, Wedbush analyst Michael Pachter thinks Netflix could actually tick higher on earnings.

"I think the company's going to beat the quarter quite easily," Pachter told CNBC on Tuesday.

At $40 per share, Pachter's price target on the stock represents a 63 percent drop from Tuesday's closing price. It's also about 67 percent lower than the average analyst target, according to data from Thomson Reuters.

Still, Pachter said Netflix could trade "a bit" higher following earnings based on two key factors.

First, Pachter said investors should be satisfied with the...