Netflix price target raised to $500 from $400

Netflix (NFLX) is the raging bull. Buoyed by its extreme optimism over the streaming giant, GBH Insights today raised Netflix’s price target to $500 from the previous target of $400, an upside of 28% from the close on Monday. According to CNBC, the price target of $500 represents the highest, compared to the other price targets set by analysts covering the stock.

In a note, technology research head Daniel Ives stated that the optimism on the stock is spurred by the fact that Netflix users spend almost double the time on their streaming services, compared to the users of its rivals. While Netflix users on an average spend 10 hours on the streaming service per week, it’s around 5 hours for the users of Amazon (AMZN) and Hulu.

Related: Netflix suffers first massive global outage

Ives also said that nine in 10 Netflix users are ready to spend more on the service, thanks to some popular shows including 13 Reasons Why, Luke Cage and Jessica Jones. Continuing with its “highly attractive” rating, the firm added that Netflix’s global expansion plans hold a lot of promise.

Netflix is currently in a prime position to tap into the international streaming market, which would have an estimated size of 700 million subscribers in the next two years.

The streaming giant is currently the second-best performer in the S&P 500 index – the stock has almost doubled in value so far this year. Piper Jaffrey had earlier raised Netflix’s price target from $367 to $420 on high hopes of subscriber growth.

Netflix shares were trading up 1% at $394.45 at 10:30 AM ET on Tuesday.

Related: Netflix: Almost THRICE as big as it was last year!