Netflix (NFLX) stock rose about 4% in midday trading on Monday after MoffettNathanson analyst Robert Fishman upgraded shares to Buy from Neutral and boosted his full-year price target to $1,100 from $850 prior.

“Netflix has won the streaming wars. Case closed,” Fishman wrote in a note to clients. “But where does the company go from here? How much more runway for growth is ahead? Despite all of Netflix’s recent success in reinvigorating growth, we believe its engagement will allow the company to better monetize and unlock greater profits in the years ahead.”

Netflix stock has struggled in recent sessions as a broader market sell-off continues to slam high-flying tech names. Shares have fallen over 10% from the 52-week highs they reached just one month ago, when the stock was trading well above $1,000 a share.

But Fishman sees brighter days ahead, crediting the “Netflix flywheel” when it comes to the company’s ability to expand margins