Peloton Interactive  (PTON) - Get Report, widely mocked for its holiday ad in which a perfectly toned woman is overwhelmed with gratitude when her husband gives her a Peloton bike, may wind up getting the last laugh.

Peloton's stock price cycled higher Wednesday after a big vote of confidence from a top industry analyst who sees growth potential for the stationary bike, home exercise equipment and online workout company amid the extended coronavirus crisis lockdown.

Shares of Peloton jumped 7.06% to $34.13 a share after Roth Capital Partners launched analyst coverage of the New York-based startup with a buy rating.

Roth also placed a $38 price target on Peloton's stock, representing a nearly 20% premium over its last closing price.

With hundreds of millions of Americans spending more time at home than they ever bargained for, Roth Capital analyst George Kelly wrote "the stock is compelling at current levels given the momentum of the brand and at-home fitness in general."

In addition to the shift to home exercise, Peloton may also be poised to capitalize on a potential wave of gym closures as the full impact of the coronavirus crisis hits home. The Roth Capital analyst also cited falling costs for Peloton's products as also giving the exercise equipment maker a boost.

"PTON's subscription model is unmatched in at-home fitness," Roth Capital's Kelly wrote.

Still, Peloton has had its challenges during the intertwined health care and economic crisis, with an employee at its production studio, which puts on workout classes for subscribers, having come down with Covid-19.