NEW YORK (TheStreet) -- Glu Mobile (GLUU) stock closed up 3.4% to $6.69 today after analysts at Canaccord Genuity increased their price target on shares to $9 from $8. The firm maintained its "buy" rating.
Analysts said the main reason for their increase was due to reality TV star Kim Kardashian's successful partnership with the company.
"GLUU's analyst day kicked off with the star of its highest grossing game, Kim Kardashian," Canaccord Genuity analysts said. "The resounding message throughout the day was management's view that 20%+ annual top-line growth is not only achievable over the next five years but may even prove conservative."
At the end of April, the company reported that Britney Spears is following in Kim Kardashian's footsteps--inking a five-year deal. Similar to Kim's game, Britney's app will feature her voice, likeness and "creative influence," according to Glu.
"I am thrilled to add Grammy Award-winning legend Britney Spears to Glu's growing list of partners as we continue to expand our celebrity gaming platform," Glu Chairman and CEO Niccolo de Masi stated.
Additionally, the company reported strong first quarter earnings at the end of April. Glu Mobile reported revenue of $62.44 million for the first quarter, up 33% compared to $47 million in the first quarter last year. However, earnings for the first quarter were 2 cents per share, compared to 6 cents per share over a year ago period.
Glu Mobile, headquartered in San Francisco, is a global developer and publisher of mobile games for smartphone and tablet devices.