Netflix could see its rapid growth stall if interest rates continue to rise, according to RBC Capital Markets Lead Internet Analyst Mark Mahaney.

The video streaming company often funds its original content by taking on debt. That strategy may have worked so far, but “a rapid escalation in interest rates would reduce their ability to procure debt as inexpensively in the past,” Mahaey said on CNBC’s “Squawk Alley.”

Netflix has nearly doubled in value since the beginning of the year, hovering around $400 per share. However, it has dipped in the last few weeks from its June high of $423.21 per share.

Although RBC still considers Netflix to be a buy, Mahaney said “it’s further down our hit list, frankly.”

At the top of RBC’s list are Facebook and Google. Both have promising prospects for the second half of the year, he said, pointing to Facebook’s monetization of WhatsApp and Facebook Messenger, and Google’s ramping up of Waymo, its driverless car venture.