Yesterday, Netflix, Inc. (NASDAQ:NFLX) announced the pricing of a $1 billion offering of 4.375% senior notes due 2026, a boost from the prior $800 million offering and one which top analyst Youssef Squali at Cantor believes to be a “very successful capital raise.”

The analyst maintains a “positive bias” on Netflix’s long-term outlooks with a bullish perspective on the million-to-billion dollar offering raise and subsequently reiterates a Buy rating on NFLX with a price target of $135, which represents just under a 7% increase from where the shares last closed.

While the analyst leaves his financial 2016 year estimates unchanged, he lifts his EBITDA projection for the financial year of 2017 from $864.1 million to $993.4 million, while reducing his EPS estimate from $0.9 to $0.87.

Squali notes, “We’re updating our Netflix model for the latest debt raise, and truing up our depreciation/amortization estimates based on the company’s latest 10Q filing.”

For the analyst, it is important to look at the bigger picture for the streaming giant, asserting, “Despite short-term volatility, we believe that Netflix’ long-term opportunity remains substantial given its long-term value creation potential, leadership position in the growing Internet TV/OTT, global scale and singular focus.”

Ultimately, “We believe there is more runway ahead as the US matures and reached 40%+ contribution margin, while international continues to grow at double digits and improves profitability over time,” Squali concludes.

Top analyst Youssef Squali has a very good TipRanks score with a 71% success rate and he ranks at #6 out of 4,197 on the analyst leaderboard. Squali yields 14.1% in his annual returns. When recommending NFLX, Squali gains 42.3% in average profits on the stock.

TipRanks analytics indicate NFLX as a Buy. Based on 34 analysts polled in the last 3 months, 17 rate a Buy, 10 maintain a Hold, while 7 issue a Sell. The 12-month price target stands at $106.52, marking a nearly 16% downside from where the stock is currently trading.