The media finance experts, which have touted the streaming giant as a "defensive" stock amid turbulent markets, see advertising revenue upside and think stock price targets have still been too low.

Wall Street will be especially focused on ad sales progress now that the company will no longer report quarterly subscription numbers.

Netflix is keeping things humming. The streaming giant topped Wall Street’s first-quarter expectations, announcing total revenue of $10.543 billion and earnings per share of $6.61 in an earnings report Thursday.

Netflix shares jumped in extended trading Thursday after the streaming giant posted first-quarter earnings that topped Wall Street expectations, boosted by higher subscription prices and ad revenues.

Netflix stock reached another high due to strong earnings. Click here to find out why I rate NFLX stock a Strong Sell.