Netflix, Inc. (NASDAQ:NFLX) could maximize on sluggish viewership for Rio Olympics, which has proven to be a significant ratings dip compared to London levels of four years prior.

Considering this was anticipated as a dangerous headwind for Netflix in its third-quarter, Cantor’s top analyst Youssef Squali remains positive on the online streaming giant. Subsequently, Squali reiterates a Buy rating with a price target of $120, which represents a 23% increase from where the shares last closed.

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Squali believes, “Lower viewership for the Olympics versus four years ago may imply less headwind than guided to Netflix net adds in 3Q:16, all else equal, while Google Trends data suggests that the frenzy around the price hike is dying down. Also, the addition of Disney’s content coming to Netflix in the pay TV window starting in a few weeks is likely to draw user and usage growth starting next month. While valuation looks high on FY16/FY17 estimates, normalization of investments and improving profitability internationally in 2017 should make it more palatable, in our view.”

According to TipRanks, which measures analysts’ and blogger’s success rates based on how their calls perform, top five-star analyst Youssef Squali has achieved a high ranking of #10 out of 4,127 analysts. Squali upholds a 68% success rate and realizes 13.8% in his average returns. When recommending NFLX, Squali earns 35.6% in average profits on the stock.

TipRanks analytics exhibit NFLX as a Buy. Based on 31 analysts polled in the last 3 months, 17 rate a Buy on NFLX, 10 maintain a Hold, while 4 issue a Sell. The 12-month average price target stands at $109.12, marking a 12% upside from where the stock is currently trading.