Shares of PayPal Holdings (PYPL - Get Report)  rose Thursday after the online payment company reported first-quarter earnings that topped analysts' estimates, prompting at least one Wall Street research firm to lift its price target on the company's stock.

PayPal reported first-quarter net income of $667 million, or 56 cents a share, vs. $511 million, or 42 cents a share, in the year-earlier period. On an adjusted basis, the company earned 78 cents a share compared with 57 cents a year earlier, and above the 68 cents expected by analysts surveyed by FactSet. 

Revenue rose to $4.13 billion, in line with estimates.

Total payment volume, or TPV - a key measure of the company's revenue and activity - climbed to $161 billion as PayPal added 9.3 million new active accounts, bringing its total to 277 million. Analysts had been expecting a TPV figure of $163 billion.

Separately, PayPal for the first time revealed figures for its Venmo peer-to-peer digital payment service. Some 40 million people used Venmo for at least one transaction in the last 12 months, the company said, adding up to $21 billion in TPV in the first quarter.

For the current quarter, PayPal said it expects revenue of between $4.3 billion and $4.34 billion and adjusted per-share earnings of between 68 cents and 70 cents. The company raised its full-year earnings per share outlook to between $2.94 and $3.01, while reiterating its prior forecast on revenue and TPV.

The report and forecasts spurred at least one research firm to raise its 12-month price target. Raymond James on Thursday said it had raised its stock price target on the company to $116 from $104.

Shares of PayPal were up just more than 3% to $110.48 in trading on the Nasdaq Stock Market.