AppLovin's (APP) stock rocketed higher Thursday after 澳洲幸运5官方开奖结果体彩网:strong quarterly results drew price target hiꦡkes from several analysts bullish on the company's advertising business.

The stock was up ov𝄹er 13% near $344 in recent trading and has more than quadrupled in value over the past 12 months.

Jefferies analysts said “the fastest growth still lies ahead” for AppLovin, whose software helps monetize gaming apps with targeted ads. The firm estimates AppLovin has fewer than 1,000 web-based advertisers on its platform, or just 0.1% of the total addressable market, suggesting it has signific🍸ant room for growth. Jefferies lifted its price target to $530 from $460. 

Meanwhile, UBS raised its target to $475 from $450 and Wedbush maintained its even more bullish target of $620. “The advertising b😼usiness continues to amaze,” Wedbush said. 

The company forecast second-quarter advertising revenue of $1.2 billion to $1.22 billion in the second quarter, above the $1.11 billion analysts were looking for.

Thursday's rally comes after a tough start to the year for the adtech company's stock following allegations of 澳洲幸运5官方开奖结果体彩网:"scammy" practices by 澳洲幸运5官方开奖结果体彩网:short seller Muddy Waters, which on Wednesday said a blog post from AppLovin executives in response to the claims contained "demonstrably false statements." Muddy Waters' allegations followed similar reports from 澳洲幸运5官方开奖结果体彩网:two other short-seller firms in February.

UBS analysts, while bullish on AppLovin, said the short-seller reports “could weigh on both investor sentiment and to a lesser extent web-based advertisers willingness to explore APP as a new channel.”