Shares of Netflix (NFLX ) are on the rise after RBC Capital analyst Mark Mahaney raised his price target on the streaming service’s stock to $440 following positive U.S. and U.K. survey results.

SURVEY SAYS: In a research note to investors, RBC Capital’s Mahaney raised his price target for Netflix to $440 from $360 while reiterating an Outperform rating on the stock. The analyst pointed out that U.S. survey results in August were “reasonably strong”, with penetration levels up quarter over quarter and year over year. Furthermore, he noted that the survey suggested consistently strong customer satisfaction trends in the U.S. and churn likely remaining at low levels, although a “bit of caution” may be in order. These results largely confirm Netflix’s “strong value proposition and competitive position”, he contended. Meanwhile, his U.K. survey showed “very positive” results, with record high penetration levels, improving customer satisfaction and record low churn levels. 56% of U.K. respondents said they watch Netflix, surpassing for the first time YouTube (GOOG; GOOGL) and ahead of Amazon Video (AMZN), the analyst added. Mahaney argued that these “positive results for Netflix” highlight that the streaming service company is “succeeding in a very important market”. 

WHAT’S NOTABLE: RBC Capital’s Mahaney also noted that during Netflix’s second-quarter earnings call, management “went out of its way” to talk positively about progress in India. The analyst told investors that he believes India could well be a source of millions of new Netflix subscriptions over the next few years, but the company has a lot of work to do to achieve such a goal.

PRICE ACTION: In late morning trading, shares of Netflix advanced over 1% to $344.79.