On-demand video streaming platform Netflix Inc. (NFLX) has seen its stock surge nearly 50% year-to-date (YTD) versus the S&P 500’s 17.8% increase over the same period. One team of analysts on the Street sees more upside in shares, indicating that the tech company is set to beat the Street’s expectations for subscriber growth this quarter.

In a research note to clients Wednesday, analysts at Piper Jaffray pointed to an analysis of Google search trends suggesting an uptick in both domestic and international subscriptions for Netflix in its fiscal fourth quarter. (See also: Disney Streaming Service to Undercut Netflix Price.)

Netflix Has Yet to Reach its Peak

Piper Jaffray’s Michael Olson is forecasting for a near 55% year-over-year (YOY) gain in international subscribers, compared to his previous estimate at 38.7% growth. The analyst pointed to 14.8% YOY growth in domestic subscriber gains, compared to his previous model for 9.3% growth. Last quarter, Olson correctly forecast that Netflix would beat subscription growth estimates.

The expected boost in subscriber gains comes after the Los Gatos, Calif.-based media platform announced a price hike for many of its U.S. customers. Following the news, shares surged to all-time highs as the Street applauded the decision set to help fund Netflix’s $8 billion investment in original content in 2018. The focus on high-quality content comes as the on-demand streaming space is becoming crowded with players including Amazon.com Inc. (AMZN), Apple Inc. (AAPL) and Hulu. Earlier this year, Walt Disney Co. (DIS) made public its plans to cut ties with Netflix and start its own direct-to-consumer platform by 2019.

Piper Jaffray’s note follows last week’s bullish call by MKM Partners, indicating that NFLX has yet to reach its peak year for total subscriber additions. “We continue to view Netflix as the large cap with the most potential for market cap appreciation over the next three to four years,” wrote MKM analyst Rob Sanderson. (See also: Netflix Raising Another $1.6B in Debt to Pay for Content.)

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