Loop Capital analyst David Miller raised his price target for Netflix shares to $228 ahead of the company's Q3 results on October 16. The streaming service closed Friday up $3.63 to $198.02.

The analyst expects Netflix to report net subscriber additions of 4.37M in Q3. The price raises announced last Thursday on the two premium services are essentially a "trial balloon" for potentially raising the base price up to $8.99 from $7.99, Miller tells investors in a research note. Netflix remains "one of the only true large-cap growth stories in Media," the analyst contends. He keeps a Buy rating on the shares.