Netflix will be able to generate strong membership growth for many years, according to Bank of America Merrill Lynch.

The firm reiterated its buy rating for Netflix shares, citing the rising number of broadband internet users in international markets.

“We believe Netflix still has a considerable opportunity ahead if it can achieve reasonable penetration levels internationally,” analyst Nat Schindler said in a note to clients Friday. “Netflix will face varying levels of competition, regulation and economic conditions in each individual market it participates in, but its content scale should allow it to become the dominant streaming player in virtually all markets.”

Schindler raised his price target to $352 from $347 for Netflix shares, representing 8 percent upside from Thursday’s close.

The analyst predicts the company’s subscriber base can grow 8 percent annually through 2030 to 360 million members. Netflix revealed its current membership level was 125 million subscribers at the end of its first quarter.

The firm’s forecast implies “just 35% of our global ex-China 2030 broadband household estimates, which we think is reasonable,” Schindler said.

Netflix is the best-performing stock in the S&P 500 this year. Its shares are up nearly 70 percent year to date through Thursday versus the market’s 2 percent return.