Netflix stock got another price target from an analyst who laid out the case for the streamer's continued growth.

In a Tuesday research note, Jefferies analyst James Heaney increased his price target on Netflix to $1,400 from $1,200, which implies a 15% increase from the stock's Monday closing price of $1,218.98. He also maintained a Buy rating on the stock.

Netflix stock has soared 92% over the last 12 months and 37% this year -- greatly outperforming the broader market. But for shares to continue that momentum, Wall Street wants to see continued revenue and earnings growth, Heaney wrote.

Shares of Netflix were rose more than 1% to reach a new high of $1,233.63 on Wednesday.

Netflix's growth over the past 3 years can be attributed to several changes in business strategy, such as implementing a lower priced ad-tier and crackdowns on password sharing. But to keep climbing, Netflix needs to take a different approach to bring in more subscribers.

For Heaney, that means potential incremental price increases and introducing exciting new television shows, movies, and live events.

"The combination of US price increases and one of the best 2H release slates in recent memory (e.g. Squid Game, Stranger Things Final Season, Wednesday, NFL Games) position the company well to achieve at least the high end of the FY25 rev guide," he wrote. Over the next five years, Heaney believes Netflix should sustain 20% or more earnings and free cash flow growth through high margin advertising revenue, the expansion into streaming live sports, and prices increases.

Heaney's optimistic commentary comes after analysts at Evercore ISI hiked their price target on Netflix to $1,350 from $1,150 and reiterated an Outperform rating last week. Their bullish view stemmed from confidence in Netflix's foray into streaming live events.

BofA Securities analyst Jessica Reif Ehrlich also raised her price target on Netflix to $1,490 from $1,175 last week and maintained a Buy rating.

"We continue to view Netflix as well positioned given the company's unmatched scale in streaming, further runway for subscriber growth, significant opportunities in advertising and sports/live and continued earnings and FCF growth," she wrote.