SunTrust says Netflix shares will rise due to its success in international markets.

The firm raised it rating for Netflix shares to buy from hold, saying its web search trend analysis is pointing to strong subscriber results for the company's third quarter.

"The stock pullback post the 2Q subs miss (which we attribute to '13 Reasons Why' and World Cup, as previewed) leaves us with ~20% potential upside from current levels," analyst Matthew Thornton said in a note to clients Thursday. "More important, our India study shows NFLX initial original series resonating quite well with interest in NFLX rising (including relative to competitors) into more originals coming."

Netflix shares closed up 5.8 percent Friday.