"SodaStream (Nasdaq: SODA) has become the Rodney Dangerfield of cola stocks," I argued last week, given the lack of respect the fizz maker was commanding. Well, analysts are starting to come around.

Janney Capital Markets analyst Mitchell Pinheiro is initiating coverage of the home-based soda maker with a buy rating, encouraged by the Israeli company's stateside momentum.

SodaStream's growth has been undeniable. It grew revenue by 38% -- and adjusted earnings soared 161% -- in its most recent quarter. The product's popularity continues to grow, evidenced by its financial metrics and its broadening retail last year. Bed Bath & Beyond (Nasdaq: BBBY) and Williams-Sonoma (NYSE: WSM) began stocking SodaStream starter kits and flavor concentrates last year, and the product is growing beyond housewares retailers with this summer's rollout at Best Buy (NYSE: BBY).   

Pinheiro predicts market penetration in 3% of the country's home in two years. SodaStream is already in 20% of Swedish homes, though the United States is obviously larger. We also go through quite a bit of pop over here.

This is the kind of niche market that may never cause PepsiCo (NYSE: PEP), or even generic bottler Cott (NYSE: COT), to lose any sleep, but it's obviously going to be a needle-moving experience for SodaStream.

Pinheiro is setting a $60 price target on SodaStream. The stock has already doubled off its November IPO at $20. The analyst is fully aware that competition is brewing. Primo Water (Nasdaq: PRMW) is expecting to roll out its Flavor Station system in time for this year's holiday shopping season, and others will come if SodaStream continues to gain in popularity. Pinheiro believes that SodaStream's first-mover advantage and its working retail relationships will help keep it at the top of the pops.

I have felt for some time that the growing bearish arguments on SodaStream were as flat as uncarbonated water. At least I'm not alone in my bullishness now.

 If you want to see how the cola wars play out, add SodaStream International to My Watchlist.