Netflix shares have roughly doubled in the past year, setting a high bar for future growth as its market capitalization overtakes the valuations of rivals Disney, Comcast, Warner Bros. Discovery, and Paramount Global combined.

How long can Netflix’s stock stay hot? With sports and advertising both cooking, one formerly neutral analyst now sees recent business momentum continuing for years.

Shares of Netflix ( NFLX 11.87%) charged sharply higher on Wednesday, surging as much as 14.9%. As of 10:58 a.m. ET, the stock was still up 11.1%. The catalyst that propelled the streaming pioneer higher was the company's financial results, which were much better than investors had anticipated.