Netflix Inc.'s (NFLX) - Get Report opportunity to expand significantly rests mostly on its ability to keep penetrating international markets. 

And in some of those markets it may need to cut prices, according to Cannacord Genuity analyst Michael Graham. Among the things Canaccord is watching for: "the likely need to establish lower price tiers in key growth markets like India," Graham wrote in a note out to clients Monday, before Netflix announced it's raising prices in the U.S.

News broke Monday morning that Netflix will implement its largest U.S. price hike ever, raising prices across all its plans between 13% and 18%. Investors cheered the news, with the stock rising 6.16% to $353.46 a share. 

The idea behind Graham's proposition is for Netflix to "to reach subscriber masses further down on the economic scale without re-pricing the entire subscriber base." Netflix has already reached a solid portion of wealthier households in some of its top international markets, especially India.

Estimates for the total growth of the Indian video streaming market are anywhere between $5 billion and $9 billion by 2023. 

Netflix is up 32% this year and is now valued at close to 250 times trailing one-year earnings. 

Disney and Amazon are holdings in Jim Cramer's Action Alerts PLUS member club. Members of Cramer's Action Alerts Plus club can watch Cramer's exclusive call on Thursday, Nov. 17.