Stifel analyst Scott Devitt said the international subscriber opportunity has been the "crown jewel" of the bull thesis on Netflix in recent years, but he also believes the company has significant runway remaining in terms of domestic subscriber growth.

He has raised his domestic subscriber forecasts and now sees Netflix adding over 5M U.S. subscribers annually through 2020, which will grow its domestic base to 85M subscribers by 2025.

Given his raised forecast, he increased his price target on Netflix shares to $406 from $345, though Devitt keeps a Hold rating on the stock, as he believes shares are already pricing in above-consensus results in the near-term.