Jim Cramer on What to Expect When Netflix Reports Q1 Results Wednesday

TheStreet's Jim Cramer is keeping an eye on Netflix as the company prepares to deliver Q1 results after the close Wednesday. Cramer points out that no fewer than five firms have said buy it ahead of the quarter. That either means the stock is way overheated or it's going to go up 150 points, he says. That's why you buy it in deep in the money calls. That way, you'll be able to cut off the downside if all these analysts are wrong and capture the upside, he suggests. The stock received an upgrade on Monday from UBS to BUY from NEUTRAL. The company has delivered upside earnings surprises in the last four quarters. Analysts are expecting earnings of $0.63 per share for Q1 2015.