NEW YORK (TheStreet) -- Twitter (TWTR) is up another 2% to $56.42, as analysts left and right are praising the company, in light of re-targeted ads.

RBC Capital Markets analyst Mark Mahaney boosted his price target to $60, keeping his "outperform" rating, noting that Twitter's advertising platform is getting better, which should drive advertising revenue for the San Francisco-based social network. "Twitter is perceived to have improved its advertising platform over the last 6 months," Mahaney penned in his note. "Accordingly, advertisers are planning on increasing their Twitter spend over the next year. Twitter compares reasonably well with more-established platforms such as Google (GOOG) and Facebook (FB) in terms of effectiveness, ad spend, and growth."

As such, Mahaney boosted his revenue estimate for this year to $657 million, up from $640 million earlier, and bumped up his 2014 revenue estimate to $1.19 billion.

Topeka Capital Markets analyst Victor Anthony initiated coverage on Twitter with a "buy" rating and a $54 price target, noting Twitter's advertising platform "is in the early innings."

"We see a well-defined ecosystem with strong network effects developing around Twitter Inc that should lead to out-sized shareholder returns for years to come," Anthony wrote in his note.

Earlier this week, Twitter announced the ability to include photos in direct messages. Thursday, Instagram, a division of Facebook (FB) announced a similar product, known as Instagram Direct, allowing users to send pictures to up to 15 friends directly, as opposed to having everyone see the photos.

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--Written by Chris Ciaccia in New York

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