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Top Stock Picks for Week of February 19, 2024

Netflix (NFLX) is considered a pioneer in the streaming space.Netflix added 13.12 million paid subscribers globally in fourth-quarter 2023, with a rise of 1% in average revenue per subscription. The company attributed the robust top-line growth to its paid subscription-sharing offering (part of its password-sharing crackdown), recent price changes and the strength of its business in general. Netflix is expected to continue dominating the streaming space, courtesy of its diversified content portfolio, which is attributable to heavy investments in the production and distribution of localized and foreign-language content. Shares have outperformed the industry in the past six months.  Over the past 90 days, the Zacks Consensus Estimate for NFLX's full-year earnings has moved higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend. Netflix is a Zacks Rank #1 (Strong Buy) stock, and is getting ready to report earnings on April 16, 2024. NFLX's Most Accurate Estimate sits at $4.50 a share 57 days from its next earnings release. Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

Ralph Lauren Corp. (RL) is a major designer, marketer and distributor of premium lifestyle products in North America, Europe, Asia, and internationally. Shares of Ralph Lauren have outpaced the industry in the past three months. The stock’s momentum can be attributed to robust demand and brand strength. The company has been on track with its Next Great Chapter: Accelerate plan. This is evident from the company’s impressive performance in third-quarter fiscal 2024, wherein both the revenues and earnings beat the consensus mark for the 14th consecutive quarter. Both the metrics also improved year over year. A favorable product mix and lower freight costs contributed to the bottom line. For fiscal 2024, management anticipates revenue growth (cc) in the low-single digits. The stock has rallied after an impressive earnings beat and a positive outlook.After struggling for more than a decade, the stock is close to all-time highs. Since earnings, analysts have been aggressively hiking their numbers. Over the last 30 days earnings estimates for RL have been going higher for all time frames. Retail seems to be back and with Ralph Lauren finding success in managing costs, the company is more profitable.

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