Netflix, Inc. (NASDAQ: NFLX) cancelled some of its self-made shows like "The Get Down," but the company renewed its growth story for at least another year, according to Nomura's Anthony DiClemente who maintains a Buy rating on Netflix's stock with a price target boosted from $175 to $195.

DiClemente's incrementally bullish view follows Netflix's second-quarter report, which not only came in better than expected but marks the best second quarter for domestic net additions since 2011. Netflix's subscriber base exceeded the 100 million mark globally, although investors should be more impressed with the company's third-quarter subscriber guide which signals continued strength across the world.

In fact, the streaming video provider's momentum is accompanied with a double-digit pricing growth and margin improvements, the analyst added. As a result, Netflix's longer-term bullish outlook is reaffirmed and management will continue to build on its "defensible position as the largest distributor of content globally."

DiClemente's fiscal 2017 domestic net addition estimates was boosted from 4.39 million to 4.89 million. The following year, Netflix is now expected to add 21.3 million net subscribers in 2018, up from a prior estimate of 17.9 million.

Bottom line, Netflix's earnings report should make investors more confident in the "durability" of Netflix's competitive position even at a time of heightened competition.

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