After crushing subscriber forecasts again, the market value of Netflix surged toward $110 billion Tuesday. Wall Street analysts believe the streaming leader is just getting started.

“Netflix’s current growth profile suggests that it continues to accelerate away from competition, and that the power of its competitive advantages is growing,” KeyBanc Capital Market’s Andy Hargreaves wrote in a note to clients Monday entitled “Catch Me If You Can.” “We believe Netflix’s global reach and data feedback loop provide leading investment efficiency, while its investment scale is growing at a level that others appear unable to match.”

Netflix said it added 8.3 million subscribers in the fourth quarter compared with expectations for 6.4 million. The shares are up 10 percent in Tuesday’s premarket trading to $251, giving it a market value of roughly $109 billion.

Hargreaves reiterated his overweight rating and raised his price target to $300 from $270 from Netflix shares, representing 32 percent upside to Monday’s close.

Wall Street believes Netflix’s original content production is the key to its success.

“Driving more high quality content is a critical part of NFLX’s virtuous circle, and the mix will continue to shift toward originals & self-produced,” J.P. Morgan’s Doug Anmuth wrote in a note to clients Tuesday. “Netflix’s virtuous circle remains strong & the company continues to benefit from the ongoing disruption of linear TV.”

Anmuth reaffirmed his overweight rating and increased his price target to $285 from $242 for Netflix shares.

One analyst noted even Netflix’s poorly-reviewed content such as Will Smith’s movie “Bright” is paying dividends for the company.

Netflix is ramping “up content & marketing spend in 2018 as investments fuel subscriber growth,” Stifel’s Scott Devitt wrote in a note to clients Monday. “Netflix was ‘thrilled’ with the performance of its first big budget feature film, Bright, as it drove a notable lift in acquisition when it was released in December despite being widely panned by critics.”

As a result of the success, Netflix announced on Monday it plans to increases its content spending guidance to $7.5 billion to $8 billion this year from $7 billion to $8 billion.

— CNBC’s Michael Bloom contributed to this story.