Netflix hit a record high after Jefferies gave three reasons to buy the stock.
In the firm's pro column, analysts said the potential for double-digit subscriber growth, improving margins and the ability to evolve to a changing environment would lift the stock even higher.
Netflix closed Thursday's trading at $441.95 and was around $442 in Friday's premarket.
More gains for Netflix would add to a 35% rally this year.
The gains are far from over, says Todd Gordon, managing director at Ascent Wealth Partners, pointing to one key level that should form the foundation for the next major move higher.
"This is a tried-and-true name in the stay-at-home trend that we're seeing. … We [had] been range-bound below this $420 mark. It took the stay-at-home economy to push this through," Gordon said on CNBC's "Trading Nation" on Thursday. "As long as you're above $420, that shouldn't be viewed as support and will continue to be constructive."
Gordon adds that a number of tailwinds should continue to support Netflix's outperformance.
"They have three months, I hear, in terms of shows that are shot. … They have content in the pipeline to continue to push this forward," he said. "And plus, I think they have pricing power — how many of us share our Netflix login? When can they change that and who knows what they can do in terms of bringing in additional revenue?"
Subscriber growth is key to Netflix's success, says Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management.
"Demand is off the charts right now, and it's the integral driver for Netflix. You're going to have subscriber growth continue to grow. It's a massive market and people aren't going to go to the movies. Short term or even for the next year, let's say, they are going to turn to Netflix for any sort of entertainment, including until we get sports back, so I think they are starting to capitalize on a massive market, and they're going to keep market share at this point because they offer the best product," Bapis said during the same segment.
Netflix said it added 15.8 million global subscribers in the first quarter and expects to add 7.5 million in its second quarter.
Netflix's steady supply of new content and customer demand should support further growth for the company and stock price, adds Bapis.
It "creates almost a perfect storm to the upside. Now it's not going to be without fluctuations, it's not going to be without volatility, because it does have a beta that's highly correlated with a lot of the FANG and technology stocks. That being said, if you look at it solely on the company, we definitely believe that it runs higher over the next 12 to 18 months," said Bapis.
Disclosure: Ascent Wealth Partners and Vios Advisors hold Netflix.