Netflix (NFLX) stock moved higher on Friday after one firm upgraded it for the big opportunities that may be in the company’s future. There have been concerns about subscriber growth in the U.S., but the firm’s analysts say the opportunities outweigh this one metric.

Netflix’s metrics show solid growth

In a report dated April 1, Atlantic Equities analyst Hamilton Faber said he’s upgraded Netflix stock from Neutral to Overweight and raised his price target from $115 to $160 per share. He called the company’s service “the TV sweet spot” and “a structurally better way to watch TV.” He notes that Netflix doesn’t include advertising in its video streams and allows viewers to binge-watch its “ever-increasing library of content.”

Last year Netflix added 17 million global subscribers, an increase from the previous year’s 13 million additions, and he expects the video streaming service to add 21 million subscribers this year. He added that the average viewing per subscriber climbed 12% last year and the company’s share of U.S. primetime broadband traffic ticked higher as well, from 35% to 37%.

Opportunity in pricing to benefit Netflix stock through earnings

Faber noted that Netflix management guided for more than a 40% increase in content spend this year but added that the company has become the world’s biggest non-sports content buyer. Further, he thinks the company’s platform offers a “very good value” and estimates that the per-hour viewing cost for the average subscriber is only 14 cents, which is 25% of the price viewers pay for traditional pay-TV in the U.S. and comes without advertising, unlike traditional pay-TV.

As a result, the Atlantic Equities analyst also sees opportunities in the area of pricing, although investors will closely be watching the price increase of 14% to 25% for over half of subscribers in the U.S. during the second and third quarters. However, he believes the churn rate will remain small because most of those being affected have been subscribing for a long time. Also he thinks Netflix is still improving its content offerings.