Netflix Inc (NASDAQ:NFLX) shares traded higher last week following an upgrade and price target increase from Stifel.

Netflix has an "electric content lineup" set to roll out over the last three months of the year, Stifel analyst Scott Devitt said Monday on CNBC's "Squawk On The Street."

Netflix has plans for 70 new Netflix original productions and 50 new additions to existing original series, Devitt told CNBC.

The Stifel analyst highlighted the anticipated arrival of all nine seasons of "Seinfeld" in October, a follow-up season of "Tiger King" and "Don't Look Up," featuring Leonardo DiCaprio. 

This is "a very strong content slate on the back of an early pandemic pull-forward, so the setup for Netflix is quite strong," Devitt said.

There is a correlation between strong content and increasing subscriber growth, he said, adding that he expects the stock to trade higher from current levels. 

The Stifel analyst maintained Netflix with a Buy rating last week and raised the price target from $580 to $650.

Netflix is leading the way as consumers transition to a new way of watching television, Devitt said. 

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NFLX Price Action: Netflix has traded as high as $615.60 and as low as $463.41 over a 52-week period.

The stock was down 1.33% at $584.52 at time of publication Monday.

Photo: Tumisu from Pixabay.