Netflix's sell-off has left the video streaming company with a "back-of-the-truck" price, RBC Capital Markets lead internet analyst Mark Mahaney, told CNBC on Friday.

Mahaney, who has been bullish on Netflix, is betting that the company will rebound from its recent slides. The stock closed down just over 4 percent on Friday at $299.83.

"You give me a Netflix of $300 and I give you a stock I think can double in the next three years," he said on "Squawk Alley."

A doubling of its current stock price would push the company more than 40 percent higher than its peak of $423.21 in June.

"It's trading off on these exposes of the company's culture. I don't think they're that unusual. I don't think it has any impact on fundamentals," Mahaney said.

He also said that fears of an Apple video streaming service could be helping contribute to declines, but is unfazed because Netflix has faced "plenty of other offerings."

"I think Netflix has won that game," Mahaney said. "I'm a heavy buyer of Netflix at $300."

The Wall Street analyst recently told CNBC that Netflix has an "enviable" profile for a tech company. Netflix is up 56 percent year to date.

Last week, Netflix posted strong results for the third quarter, beating earnings estimates and adding nearly 7 million new subscribers around the globe. The stock initially jumped as much as 15 percent on the news before sliding this week.

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