Piper Jaffray analyst Michael Olson raised his price target for Netflix (NFLX) shares to $319 after surveying over 700 subscribers in seven international markets.

The streaming service closed yesterday up 3c to $278.55. The survey found a 15% decline in the percentage of subscribers, relative to his previous survey, who would stop subscribing if Netflix were to raise prices by 20%.

The reduction in subscriber price sensitivity is due, in part, to the improving international Netflix content library, Olson tells investors in a research note partially titled “Int’l Sub Survey Shows Increased Willingness to Pay Higher Prices.”

The analyst notes that increasing his 2020 international revenue estimates based on a 20% price increase, while freezing spending assumptions, would increase his overall 2020 earnings per share estimate by $1.00 to $7.40, suggesting a share value of over $400. He maintains an Overweight rating on Netflix shares.