Jefferies analyst Alex Giaimo raised the firm's price target on Netflix to $610 from $585 and reiterates a Buy rating on the shares.

Netflix's United States and Canada price hikes coupled with an "improved pipeline" can drive upside to estimates in 2021, Giaimo tells investors in a research note. "Surprise hits" like The Queen's Gambit and "tentpole hits" like The Crown reinforce the company's "outsized consumer value proposition," says the analyst.

Giaimo increased fiscal 2021 estimates Netflix and has a "bull case" of $700 for the shares. The stock closed Monday up $17.47 to $515.78.