After reporting a huge beat in subscriber gains in the second quarter and setting Q3 guidance well above the Street’s estimates, shares of Netflix, Inc. (NASDAQ: NFLX) rocketed over 9 percent to a new all-time high to open Tuesday at $176.12.

Despite the gain, Goldman Sachs analyst Heath Terry sees further upside for the streaming giant, reiterating a Buy rating with a 0 price target.

Netflix reported Q2 earnings of 15 cents per share, sales of $2.79 billion and 5.2 million new subscribers. Consensus estimates were for 16 cent-EPS, $2.76 billion in sales and 3.2 million new subscribers.

Subscriber growth was the clear star in the report, beating the company’s domestic guidance by over 80 percent and international by nearly 60 percent.

Terry noted that subscriber growth is highly correlated with the platform’s content growth. After looking at the content coming Netflix’s way in Q3, Terry expects subscriber gains to continue beating estimates.

One point of concern for investors though is the “many years” of cash burn expected by management.

That isn't necessarily a negative at this point though, as spending on content is estimated to increase by 25 percent.

The company is also expanding its addressable base, and could soon be an international force in media distribution.

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