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Netflix could be in 12% of all international households, excluding China, by 2021, one analyst says. Photo: Daniel Acker/Bloomberg News

Netflix has gotten off to a fast start this year. Shares are already up 15% in 2017, to $142. And there’s plenty more to the rally, says one analyst.

Rob Sanderson at MKM Partners thinks Netflix shares could reach $175 in the next 12 months, 24% above current levels. The key driver is surging international subscriptions, Sanderson explained in a research note on Friday. Previously, his Netflix price target was $10 lower.