The Netflix logo is shown in this illustration photograph in Encinitas, California.

Mike Blake | Reuters

(This story is for CNBC Pro subscribers only). 

Netflix‘s stock price could surge by more than 30% over the next year and is set to report a blowout second quarter, according to a new note from Goldman Sachs.

The bank hiked its price target on the streaming video stock to $670 per share, a new high among major Wall Street analysts. Goldman’s previous target price was $540 per share. 

Here’s what’s behind the call:

Originally published at CNBC

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