Cantor analyst Youssef Squali came out today with some forecasts on Netflix (NASDAQ:NFLX), as the company is heading into fourth-quarter results. The analyst rates the stock a Buy with a $415 price target, which implies an upside of 28% from current levels.

Squali observed, “We expect Netflix to report solid 4Q:14 results on 1/20, with healthy growth across both the U.S. and international markets. In 3Q:14, management reset expectations by lowering subscriber growth numbers well below Street expectations, while targeting domestic contribution margin expansion of +200bps Y/Y vs. +400bps previously. As such, we believe the bar has been lowered to more achievable levels, which when combined with the compelling slate of original content scheduled for 2015 and the current valuation keeps us positive on the name.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Youssef Squali has a total average return of 25.9% and a 67.7% success rate. Squali has a 46.8% average return when recommending NFLX, and is ranked #11 out of 3426 analysts.