Netflix ‘s new ad-supported subscriber can give the stock a much-needed boost, according to Oppenheimer. Analyst Jason Helfstein assumed coverage of Netflix and upgraded the stock to outperform, saying that the results of its recent consumer survey suggested further growth in the streaming giant when it launches its advertising tier. “Ad-tier launch should accelerate subscriber growth, drive ARPU, and slow churn,” Helfstein wrote in a Monday note. “NFLX is in a unique position to aggregate large audiences and control the timing of series launches for top-tier advertisers, commanding high CPMs.” Netflix shares tumbled this year after slowing subscriber numbers pointed to trouble ahead for the streaming company. The stock is down 60% year to date and roughly 65% off its 52-week high. Still, the analyst said that Netflix has the “highest viewership in the industry,” and that Wall Street is not properly accounting for the ad opportunity. Among 15% of U.S. churned subscribers, 43% would subscribe again at a lower price, according to the note. Meanwhile, of 9% of respondents who never subscribed, 30% would do if the platform is at a lower price. On top of that, about seven out of 10 current basic subscribers would downgrade to the ad tier, the analyst found. “NFLX attracts a significant audience for releases of marquee shows, comparable to awards shows and major sporting events, suggesting the company can sell ads at CPMs well above the normal TV average. In addition, it could choose to release shows in conjunction with large advertisers’ product launches,” read the note. The firm forecasts global advertising revenue of $4.6 billion, with total revenue of $42.4 billion, and 282 million total subscribers in 2025, above Wall Street estimates, the note said. The analyst set a $325 price target, about 35% above where shares closed Friday at $240.13. The stock is up 1.7% in Monday premarket trading. —CNBC’s Michael Bloom contributed to this report.