Netflix Inc. shares rose 3.4% in morning trading Monday following a price target increase from Evercore ISI.

Analyst Mark Mahaney raised his price target on the streaming company to $110 from $100 while maintaining an Outperform rating. The note was published Sunday evening.

Mahaney rolled his valuation framework forward to 2028, applying 25 times his 2028 earnings per share estimate. The analyst said the new target implies roughly 45% upside from previous trading levels.

The price target increase followed Evercore ISI's 58th quarterly U.S. subscriber survey, which showed Netflix penetration climbing to a multi-year high of 63%. A semi-annual Japan survey also showed positive results.

The firm said the data points reinforced its view that the company retains pricing power and subscriber engagement above what the share price reflects. Netflix currently trades at a price-to-earnings ratio of 24.4 and a PEG ratio of 0.67.

Citi maintained a Buy rating with a $100 target in a recent note.