Oppenheimer analyst Jason Helfstein upgraded Roku (ROKU) to Outperform from Perform and established a $50 price target for the shares. The manufacturer of streaming players closed yesterday up 67c to $43.29.

The Roku Channel is 0.63% of domestic time-spent on Roku's platform or the 12th most-watched app by viewing hours, which represents a 9M hour monthly run-rate only nine months post-launch, Helfstein tells investors in a research note titled.

The analyst says the "rapid adoption" of The Roku Channel gives him incremental confidence in the channel's ability to garner viewership on other platforms, such as Samsung (SSNLF). This should allow Roku to monetize a broader portion of the over-the-top ecosystem, Helfstein contends.

He values the core platform at $44 per share and the off-platform Roku Channel opportunity at $7 per share, which, when combined, represents 18% upside from current share levels.