"If (Amazon) really pivots and want to go after Netflix and offer a stand-alone streaming subscription business for $7 a month, that would be Amazon-esque and that would cut at Netflix," said Mahaney, RBC Capital Markets' lead internet analyst.
"But I don't think Amazon wants to do that," Mahaney said in an interview on "Squawk on the Street."
Amazon's membership program Prime gives customers access to video services. The company also offers a video-only plan, which costs $8.99 per month.
Mahaney spoke after Netflix's stock hit a record high Tuesday. On Monday, it posted better-than-expected earnings and revenue, boosted by stronger-than-expected subscriber growth.
The company says it now has about 109.3 million subscribers globally.
In a post-earnings conference call, CEO Reed Hastings said the company's focus is on "doing even better content, getting better partnerships, better mobile streaming."
Netflix has "accelerated their (subscriber) adds each and every year" and it has the opportunity to scale its business internationally "more than the market realizes," Mahaney said.
He added that Disney pulling out its movies won't impact Netflix internationally much.
"They're able to grow with or without Disney in a lot of international markets," Mahaney said.