JOHANNESBURG — Next week Netflix will get a chance to validate the $46 billion added to its market value since the company's earnings report in April. Analysts are divided, with UBS getting less bullish over the internet group's shares, lowering its rating to neutral from a buy, citing the high valuation. And while concerns over the valuation are aired, what can't be debated is the quality of the content the company is producing. Netflix, home of The Crown and Stranger Things, ended HBO's 17 year winning streak for the most overall Emmy nominations, receiving 112 compared to HBO's 108. So while analysts question whether Netflix can add enough streaming subscribers in the second quarter, if the Emmy's are a barometer, the content should be attracting in more eyeballs, with all investor eyes turning to those results expected next week. – Stuart Lowman___STEADY_PAYWALL___.Netflix Topples HBO in Emmy Nominations.By John JurgensenNetflix scored 112 Emmy Awards nominations on Thursday, more than any other television network and breaking a streak that HBO held onto for 17 years."Game of Thrones," which sat out the awards last year because it missed the eligibility window, received 22 nominations, the most of any series. Its nods included best drama, the category it won in 2015 and 2016. Its latest season premiered a full year ago, and it won't begin its eighth and final season until 2019. It was among HBO's 108 nominations..While the significance of Emmy Awards is somewhat limited to bragging rights and scoring points with the creative community, the end of HBO's streak comes at a pivotal time in the programmer's history. AT&T has just taken over HBO parent Time Warner, and how it manages the premium television platform has become a topic du jour in media circles."Game of Thrones" will be up against last year's winner, "The Handmaid's Tale," which was the first streaming TV series to win best drama. Hulu's dystopian story also scored a best actress nomination for Elisabeth Moss, who won the trophy last year.Other drama nominees included "This Is Us," the time-hopping family drama (NBC); "Stranger Things," featuring a gang of 1980s kids up against supernatural forces (Netflix); "The Crown," the lush origin story of Queen Elizabeth II (Netflix); and "The Americans," which mixed domestic drama with Cold War intrigue (FX). Like Netflix, HBO has two shows going head to head in the category: "Westworld," a maze-like saga about an automaton mutiny, and "Game of Thrones."Last year, a record five out of the seven drama nominees were first-year series. This year, no freshmen shows broke in.In an especially competitive comedy field, "Atlanta," the rule-breaking FX comedy created by Donald Glover, led the pack with 16 nominations. Other best comedy nominees include "Barry," featuring Bill Hader as a hit man who wants to get out of the business and into acting (HBO); "Black-ish," the twice-nominated family comedy that has taken on contentious issues around race and politics (ABC); "Curb Your Enthusiasm," the acerbic Larry David vehicle whose ninth season followed a six-year hiatus (HBO); "GLOW," about a start-up women's wrestling league in the 1980s (Netflix); "Silicon Valley," the tech-world satire that was nominated for each of first four previous seasons (HBO); "Unbreakable Kimmy Schmidt, " starring Ellie Kemper (Netflix); and "The Marvelous Mrs. Maisel," about a 1950s family woman's foray into stand-up comedy (Amazon)."The Marvelous Mrs. Maisel" is vying with "Atlanta" for frontrunner status among comedies with 14 total nominations for its first season, including nods for lead actress Rachel Brosnahan as the title character. She won a Golden Globe earlier this year in the same category.After an eight-year run as a nominee (including five straight wins), ABC's "Modern Family" fell out of the best comedy race. Like the "Game of Thrones" vacuum last year, the absence of perennial comedy nominee "Veep" offered an opening for rookie shows "Barry," "GLOW" and "Mrs. Maisel.""Veep" was nominated for every one of its five seasons and took home the trophy for the last three years in a row. Production of the seventh and final season of the political satire was delayed while star (and record-holding Emmy winner) Julia Louis-Dreyfus dealt with cancer treatment.In drama, last year's lead-actor winner Sterling K. Brown scored another nomination for his role in "This Is Us," along with his co-star Milo Ventimiglia. Two "Westworld" actors, Ed Harris and Jeffrey Wright, will also face off. Matthew Rhys, who recently wrapped his role on "The Americans," rounded out the category.Sandra Oh became the first Asian woman to be nominated for a best actress Emmy. Her performance as an assassin-hunting agent in BBC America's "Killing Eve" put her into competition with fellow drama nominees Claire Foy ("The Crown"), Ms. Moss ("The Handmaid's Tale"), Tatiana Maslany ("Orphan Black"), Keri Russell ("The Americans") and Evan Rachel Wood ("Westworld").Mr. Glover, last year's winner for lead actor in a comedy, was nominated again for his role as a disillusioned striver in "Atlanta." Other contenders include repeat nominee Anthony Anderson ("Black-ish"), Ted Danson ("The Good Place"), Larry David ("Curb Your Enthusiasm"), Bill Hader ("Barry") and William H. Macy ("Shameless"), who has been nominated in the category every year since 2014.Rounding out the nominees for lead actress in a comedy with Ms. Brosnahan are Pamela Adlon ("Better Things"), Allison Janney ("Mom"), first-time nominee Issa Rae ("Insecure"), Tracee Ellis Ross ("Black-ish") and Lily Tomlin ("Grace and Frankie")."Roseanne" was the highest-rated broadcast series of last season, but a racist tweet in May by its star Roseanne Barr resulted in the show's cancellation by ABC. It received only one acting nomination, for supporting actress Laurie Metcalf.FX, which in recent years traded wins with HBO in the limited-series category, scored 18 nominations for "The Assassination of Gianni Versace," the latest installment of its "American Crime Story" anthology. HBO, whose "Big Little Lies" won multiple Emmys last year, didn't land a spot among the limited-series contenders, which include "The Alienist"(TNT), "Genius: Picasso" (National Geographic), "Godless" (Netflix) and "Patrick Melrose"(Showtime).NBC will broadcast the 70th Emmy Awards ceremony on Sept. 17.—Joe Flint contributed to this article.2018 EMMY AWARDS NOMINEESOutstanding Comedy SeriesAtlantaBarryblack-ishCurb Your EnthusiasmGLOWThe Marvelous Mrs. MaiselSilicon ValleyUnbreakable Kimmy SchmidtOutstanding Drama SeriesThe AmericansThe CrownGame Of ThronesThe Handmaid's TaleStranger ThingsThis Is UsWestworldOutstanding Limited SeriesThe AlienistThe Assassination Of Gianni Versace: American Crime StoryGenius: PicassoGodlessPatrick MelroseOutstanding Variety Talk SeriesThe Daily Show With Trevor NoahFull Frontal With Samantha BeeJimmy Kimmel Live!Last Week Tonight With John OliverThe Late Late Show With James CordenThe Late Show With Stephen ColbertOutstanding Variety Sketch SeriesAt Home With Amy SedarisDrunk HistoryI Love You, America With Sarah SilvermanPortlandiaSaturday Night LiveTracey Ullman's ShowOutstanding Lead Actor In A Comedy SeriesDonald Glover, AtlantaBill Hader, BarryAnthony Anderson, black-ishLarry David, Curb Your EnthusiasmTed Danson, The Good PlaceWilliam H. Macy, ShamelessOutstanding Lead Actor In A Drama SeriesMatthew Rhys, The AmericansJason Bateman, OzarkSterling K. Brown, This Is UsMilo Ventimiglia, This Is UsEd Harris, WestworldJeffrey Wright, WestworldOutstanding Lead Actor In A Limited Series Or MovieDarren Criss, The Assassination Of Gianni Versace: American Crime StoryAntonio Banderas, Genius: PicassoJohn Legend, Jesus Christ Superstar Live In ConcertJeff Daniels, The Looming TowerBenedict Cumberbatch, Patrick MelroseJesse Plemons, USS Callister (Black Mirror)Outstanding Lead Actress In A Comedy SeriesPamela Adlon, Better ThingsTracee Ellis Ross, black-ishLily Tomlin, Grace And FrankieIssa Rae, InsecureRachel Brosnahan, The Marvelous Mrs. MaiselAllison Janney, MomOutstanding Lead Actress In A Drama SeriesKeri Russell, The AmericansClaire Foy, The CrownElisabeth Moss, The Handmaid's TaleSandra Oh, Killing EveTatiana Maslany, Orphan BlackEvan Rachel Wood, WestworldOutstanding Lead Actress In A Limited Series Or MovieSarah Paulson, American Horror Story: CultMichelle Dockery, GodlessEdie Falco, Law & Order True Crime: The Menendez MurdersRegina King, Seven SecondsJessica Biel, The SinnerLaura Dern, The TaleOutstanding Supporting Actor In A Comedy SeriesBrian Tyree Henry, AtlantaHenry Winkler, BarryLouie Anderson, BasketsTony Shalhoub, The Marvelous Mrs. MaiselAlec Baldwin, Saturday Night LiveKenan Thompson, Saturday Night LiveTituss Burgess, Unbreakable Kimmy SchmidtOutstanding Supporting Actor In A Drama SeriesMatt Smith, The CrownNikolaj Coster-Waldau, Game Of ThronesPeter Dinklage, Game Of ThronesJoseph Fiennes, The Handmaid's TaleMandy Patinkin, HomelandDavid Harbour, Stranger ThingsOutstanding Supporting Actor In A Limited Series Or MovieRicky Martin, The Assassination Of Gianni Versace: American Crime StoryEdgar RamĂrez, The Assassination Of Gianni Versace: American Crime StoryFinn Wittrock, The Assassination Of Gianni Versace: American Crime StoryJeff Daniels, GodlessBrandon Victor Dixon, Jesus Christ Superstar Live In ConcertMichael Stuhlbarg, The Looming TowerJohn Leguizamo, WacoOutstanding Supporting Actress In A Comedy SeriesZazie Beetz, AtlantaBetty Gilpin, GLOWAlex Borstein, The Marvelous Mrs. MaiselLaurie Metcalf, RoseanneAidy Bryant, Saturday Night LiveLeslie Jones, Saturday Night LiveKate McKinnon, Saturday Night LiveMegan Mullally, Will & GraceOutstanding Supporting Actress In A Drama SeriesVanessa Kirby, The CrownLena Headey, Game Of ThronesAlexis Bledel, The Handmaid's TaleAnn Dowd, The Handmaid's TaleYvonne Strahovski, The Handmaid's TaleMillie Bobby Brown, Stranger ThingsThandie Newton, WestworldOutstanding Supporting Actress In A Limited Series Or MovieAdina Porter, American Horror Story: CultPenĂ©lope Cruz, The Assassination Of Gianni Versace: American Crime StoryJudith Light, The Assassination Of Gianni Versace: American Crime StoryLetitia Wright, Black Museum (Black Mirror)Merritt Wever, GodlessSara Bareilles, Jesus Christ Superstar Live In ConcertWrite to John Jurgensen at john.jurgensen@wsj.com