SAN FRANCISCO -- Technology security company Vasco ( VDSI) continues to prove skeptics wrong. Despite two recent analyst downgrades over concerns that Vasco could be headed for a slowdown, the stock is breaking through to a new 52-week high. Vasco shares were recently up 96 cents, or 2.6%, to $38.04. The downgrades handed down last month by analysts from Friedman Billings and RBC Capital came with concern that Vasco's stock may have reached its "fair value" and that the company's business could be affected by the turbulence in the financial services market, a segment in which Vasco has significant exposure. But the opinions have had little effect, largely because valuation worries are nothing new to Vasco. The stock's spectacular rise -- it has gone from less than $500 million in market cap to nearly $1.5 billion in 10 months -- has stunned analysts and continually raised fears that Vasco's winning streak may be nearing an end. But Vasco has yet to take a breath -- its shares have soared nearly 210% in 2007. The key, say some analysts, is that Vasco has yet to disappoint with its financial results. The company has been one of the security software sector's strongest performers, with strong execution and consistent earnings. Vasco posted stunning year-over-year revenue growth of 75% in its latest quarter.