Shares of video streaming industry player Roku Inc. (ROKU), down more than 25% off highs reached in October, are currently a steal for tech investors seeking to get in on a major consumer internet trend, according to one team of bulls on the Street. 

Roku Core Platform, Smart TVs, Ads, Roku Channel, to Drive Double-Digit Upside

In a note to clients on Thursday, Wedbush Securities analyst Michael Pachter upgraded Roku shares from neutral to outperform, forecasting its "exceptional platform" to drive double-digit upside, as outlined by Benzinga. 

Los Gatos, Calif.-based Roku manufactures hardware that allows customers to access internet streamed video or audio services like Netflix Inc. (NFLX), Hulu and Amazon.com Inc.'s (AMZN) Amazon Video through televisions, and licenses its operating system to television manufacturers. The tech company went public in September at an IPO price of just $14. Shares surged to hit a peak near $80 last month, and have since fallen to $57.86 as of Friday morning trading.

The Stifel analyst highlighted the strength in Roku's core business as well as its expansion into the next-gen smart TV space. 

"Roku has built an exceptional platform on the back of its players, and now as it expands in the rapidly growing smart TV category, it is positioning itself as the best in class option for over-the-top advertising," wrote Pachter. 

The bull is also upbeat on prospects for Roku's new free streaming service, The Roku Channel, which offers hundreds of blockbuster films, shows and live 24/7 news with no subscription, fees or log-ins required. The new business is currently the fastest growing contributor to Roku's top line growth and average revenue per user growth, said Pachter. 

While the Wedbush analyst remains bullish overall, he lowered his price target from $73 to $65, reflecting a more than 26% upside from current levels. 

Roku is slated to report its most recent quarterly report on Nov. 7. Pachter is forecasting for a top line beat at $176 million, compared to management's guidance for $168 million at the midpoint. He expects an adjusted EBITDA loss of $2 million, also above guidance for a loss of $5.5 million at the midpoint. 

Investors will be look out for results that support Roku's growth story, as it finds its place within the ultra-competitive yet high-growth long-form streaming video space.