UBS: Netflix will remain the 'clear global leader' in video streaming (NFLX)

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Shares of Netflix are up 81% over the last 12 months, and the streak doesn't show signs of stopping, UBS says.

The Swiss bank on Wednesday raised its price target for Netflix's stock to $225 from $190 — well above Wall Street's consensus target of $190, according to Bloomberg.

"We see upside to 3Q guidance based on our analysis suggesting subscriber growth momentum has sustained into 3Q with broad-based year-over-year improvements across almost all markets, similar to the dynamics our analysis showed in 2Q," analyst Doug Mitchelson said in a note.

"This despite what appears to be a weaker original content slate vs. 3Q16, suggesting growth is being driven more by the overall breadth of content on Netflix, streaming hitting critical mass in many international markets and strong markets and tech executions."

To be sure, this won't be an easy quarter for Netflix. The company is planning to spend $6 billion on original content, according to JPMorgan. Many of those shows and movies — including a second season of the wildly popular 80s horror homage "Stranger Things" — won't be airing new episodes this quarter.

International growth has far outpaced additions in the US in recent reports. In July, Netflix's second quarter earnings showed an uptick of 4.14 million subscriptions abroad, versus 1.07 million at home. Both areas were still ahead of Wall Street expectations.

The company is expected to add 3.65 million subscribers abroad and 0.75 million at home when it reports Q3 earnings on October 16.

"We believe Netflix's core competencies in both content and technology will drive a virtuous circle of greater subs and increased viewing time, enabling higher average-revenue-per-user and revenue, which will fuel content spending to attract even more subscribers, and so on," the bank said. "Positioning Netflix to sustain its position as the clear global leader in the emerging online video subscription business."

Shares of Netflix were up 3.2% Wednesday morning.