Netflix will rally 30% next year because of an 'international surge potential,' RBC says

CEO Of Netflix, Reed Hastings, attends the red carpet during the Netflix presentation party at the Invernadero del Palacio de Cristal de la Arganzuela on April 4, 2019 in Madrid, Spain.
Juan Naharro Gimenez | Getty Images

Streaming giant Netflix could become a bigger deal outside of the U.S., according to RBC Capital Markets.

The firm sees Netflix's stock rallying more than 30% in the next year thanks to an "international surge." RBC Capital Markets has a $420 per share 12-month price target on Netflix. The stock closed at $332.22 on Thursday.

"We believe International could actually be as or more profitable than the U.S.," said RBC analyst Mark Mahaney in a note to clients on Thursday.