Will This Price Target Increase Help TubeMogul (TUBE) Stock Today?

Story updated at 10 a.m. to reflect market activity.

NEW YORK (TheStreet) -- Oppenheimer raised its price target for TubeMogul (TUBE) to $21 from $15 on Friday, reiterating its "outperform" rating.

Shares of TubeMogul were gaining 10% to $19.80 in morning trading.

Oppenheimer analysts expect the software company to report a loss of 19 cents a share for 2014, up from previous estimates of a loss of 52 cents a share. The firm raised its 2015 EPS estimates to a loss of 63 cents a share from a loss of 69 cents a share.

Analysts Jason Heifstein, Jed Kelly, and Kevin Gallagher cited TubeMogul's third quarter results as a reason for the increases.

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"TUBE's 3Q gross profit increased 126% y/y, 38% and 34% above Opco and Street estimates," the analysts wrote. "Strong results were driven by Platform Direct clients +87% y/y, with spending-per-client +42% y/y. However, 4Q gross profit guidance appears conservative at +45%."

TUBE Chart TUBE data by YCharts

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