Evercore ISI raised its price target on Netflix to $110 from $100 on Monday while maintaining an Outperform rating on the shares.

Netflix shares jumped 3.1% in morning trading.

Evercore ISI conducted its 58th quarterly U.S. survey and 12th semi-annual Japan survey on Netflix. The results showed multi-year high penetration of 63% in the U.S. market and record-high penetration of 22% in Japan.

The Japan market showed a survey-high 58% of subscribers slightly or not at all likely to cancel, while satisfaction scores reached 67% in Japan. In Japan, 66% of new ads-plan subscribers are either former Netflix users or new to the platform.

In the U.S., 35% of subscribers considering cancellation indicated they would switch to the ads plan instead of cancelling. The Standard with Ads offering continues to drive gross subscriber additions and reduce cancellations across both markets.