Analysts on Wall Street are upping their price forecast for streaming giant Netflix (NFLX)’s stock, suggesting double-digit upside. On Monday, Seaport Research Partners analyst David Joyce upgraded NFLX shares to Buy from Neutral late Monday, while hiking his price target to $1,385 from $1,230. At press time, the stock is trading at $1,186.

The forecast hike comes just a day after NFLX shares fell as much as 9%, following many users deciding to boycott the platform. The Elon Musk Netflix boycott has gained serious traction across social media platforms and even triggered mass subscription cancellations among users. As a result, NFLX’s market cap lost over $20B. However, Wall Street still appears to be riding the Netflix train, suggesting a rebound and further climb for the stock inbound.

Seaport Research analyst David Joyce argues that Netflix’s ad business is on the brink of a major boom that should send the stock way up in the coming months. “We think the shares’ momentum, which has moderated lately, could be digesting the [year-to-date] +30% gains ahead of the advertising infrastructure build-related monetization momentum,” Joyce wrote in a note to clients this week.

Also Read: Netflix Plunges Another 9% After Musk’s Boycott Shaves $25B Off Market Cap

The Seaport analyst added that Netflix (NFLX) is set to turn on the afterburners by developing a lower-cost, ad-supported subscription tier. After years of building out the infrastructure to support its ability to serve up ads to viewers, Joyce suggests that Netflix could double its ad revenue to $3.1 billion this year and could push it as high as $16 billion by 2030. For context, last year, Netflix reported $39 billion in revenue, up nearly 16% from the year before.

“While we are still somewhat concerned that larger competitors such as Amazon Prime have, in some instances (France) been able to move faster than Netflix in certain aspects of testing ad models and partner content, we believe the usage of Netflix and content quality will continue to drive significant growth,” Joyce also said. NFLX is down 4% in the last month, but up 34% YTD.