Investors are likely most pleased with Trade Desk Inc (NASDAQ:TTD) first-quarter earnings, where both revenue and Adjusted EBITDA results were materially ahead of expectations, while full-year guidance was raised. In reaction, TTD shares are up over 20% to $48.20 in pre-market trading Friday.

Revenue of $53.4 million handily exceeded Street estimates of $43 million with the company highlighting Mobile, new clients and International as key growth areas. Adj. EBITDA of $6.3 million was also ahead of Street estimates of 1.0 million. For Q2, TTD guided to revenue of $67 million, ahead of the Street’s $61 million expectation and 14.5 million in Adj. EBITDA, ahead of the Street’s $13.4 million. For full-year 2017, the digital ad firm raised their revenue guidance to “at least” $291 million (from $270 million) and Adj. EBITDA of $78 million (from $72 million).

To reflect a much stronger-than-expected earnings performance, Cantor analyst Kip Paulson upgrades TTD to Overweight from Neutral and raises his price target to $55 from $40.

Paulson commented, “Trade Desk revenue re-accelerated to +76% Y/Y (from +69.7% in 4Q16) on strong customer wins, international growth, and mobile channel growth, despite a seasonally light 1Q that has historically been difficult to predict, and this visibility/momentum could continue through 2017. The Trade Desk stands out, we believe, as a highly differentiated, independent and objective buy-side focused DSP that benefits from 1) broad omni-channel capabilities, 2) a highly expressive platform, 3) a sticky MSA business model with very loyal customers (95%+ retention), and 4) secular tailwinds from a large and growing programmatic advertising market, in which it continues to gain share.”

In addition, RBC analyst Mark Mahaney maintained a Buy rating on TTD today, with a price target of $56, while Jefferies’ Brian Fitzgerald reiterated a Buy rating on the stock and has a price target of $57.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Mahaney and Brian Fitzgerald have a yearly average return of 18.0% and 20.9% respectively. Mahaney has a success rate of 71% and is ranked #25 out of 4560 analysts, while Fitzgerald has a success rate of 79% and is ranked #17.

Sentiment on the street is mostly bullish on TTD stock. Out of 7 analysts who cover the stock, 5 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $48.57, which represents a potential upside of 22% from where the stock is currently trading.

The Trade Desk, Inc. provides a technology platform for ad buyers. It offers agencies, aggregators and advertisers technology to manage and display, social, mobile and video advertising campaigns.