Netflix's (NFLX) Q3 results are not a "narrative changer" for the company, with investor concerns still mainly focused on slowing engagement, moderating revenue growth, and the potential M&A activity, BofA Securities said in a Wednesday note.

The company reported Q3 earnings late Tuesday of $0.87 per diluted share on revenue of $12.87 billion. Analysts polled by FactSet expected EPS of $0.82 on revenue of $12.87 billion.

Results and guidance were largely in line with expectations, and the company reaffirmed its targets of double-digit revenue growth and margin expansion, but investors will continue to watch for proof of stronger momentum in content, particularly in the US and Canada business region, BofA analysts said.

The recent changes in its content leadership team are a signal that the company is focusing on improving content output and creative hit rates, the analysts said.

Over the medium term, Netflix should be driven by continued subscriber growth and growth potential in advertising and live opportunities, according to the note.

BofA reiterated the company's stock rating at buy and lowered the price target to $90 from $105.