Netflix, Inc. (NFLX) - Get Report , part of the famed FANG group -- Facebook Inc.  (FB) - Get Report , Amazon.com Inc. (AMZN) - Get Report , Netflix and Alphabet Inc.  (GOOGL) - Get Report -- has been on a tear this year. NFLX stock is already up an impressive 50% in 2017. Shares dipped from a 52-week and all-time high of $191.50 in July, to near $165 a month later.

Since then, NFLX stock has been back in "rally mode" as it hovers near those recent highs at $185.51 as of Wednesday's close. Can it continue to climb and make new highs?

One analyst believes it can. Buckingham analyst Matthew Harrigan initiated Netflix with a buy rating and $214 price target. From current levels, Harrigan's price target implies about 16% upside. Not a bad move for a stock already up 50% this year.

Why more upside? Harrigan argues that global subscriber metrics should continue to improve significantly from current levels. Operating margins should expand, eventually rivaling other content companies like HBO (owned by Time Warner (TWX) , which is being acquired by AT&T (T) - Get Report ).

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A few days ago, on Sept. 18, Piper Jaffray analyst Michael Olson maintained his overweight rating and $215 price target -- $1 per share above Harrigan's new target. He reasoned that based on recent Netflix search trends, its international and domestic subscriber metrics could top consensus expectations. He expects domestic subscriber growth of 10.9% for the third quarter. Current expectations call for 10.7% growth.

By 2020, Netflix's international subscriber base should top 100 million, he argued. NFLX stock was sliding in early trading, in the $185 range.

Watch: Netflix's Quest for Domination Has Come at a Price

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.