Evercore ISI has raised its Netflix (NASDAQ: NFLX) stock price target to $110 from $100 while maintaining its ‘Outperform’ rating, citing improving subscriber trends in the United States and Japan.

The update comes as Netflix stock continues to trade well below its recent highs despite delivering solid financial results and expanding profitability. 

As of press time, NFLX was trading at about $79, implying the stock would need to rally roughly 40% to reach the new target.

The firm’s revised Netflix stock forecast is based on survey data showing stronger market penetration and customer retention across two of the streaming giant’s most important markets.

According to…