Twitter Inc (NYSE:TWTR) stock continued chugging along with a second day of gains after a wave of price target increases was sprinkled with a few analyst upgrades. The general consensus on the company’s earnings report on Thursday morning is that it was better than past reports, but the company’s user growth has been such a sticking point for so long that analysts are waiting to see whether this really was the tipping point or only a fluke.

Twitter stock reaches new 52-week high

Twitter stock surged on Thursday after the company’s third-quarter earnings release and then soared to its highest level in over a year on Friday. The stock climbed as high as $21.63 after analysts from at least two firms upgraded it. However, both UBS and Stifel previously had the equivalent of a Sell rating on Twitter stock, so they’re both at the equivalent of a Neutral now.

Stifel analyst Scott Devitt raised his price target for the stock from $12 to $17 along with his upgrade, citing signs of stability in the company’s daily audience and business, although he also warned that “meaningful growth may continue to be elusive.” He noted that Twitter’s daily user base has been accelerating over the last seven quarters and grew in the double digits during the third quarter in most of the company’s top ad markets, including the U.S.

Further, he said that excluding TellApart and other ad products that have been de-emphasized, it appears that the company’s ad revenue declines are slowing while revenue from the company’s Top 100 clients jumped 23% year over year. He also pointed out that data licensing continues to be a bright spot, although its total addressable market remains uncertain. Overall, Devitt feels that Twitter’s profitability outlook for the next two years looks “brighter” and its revenue growth could turn positive in the first half of next year when it is up against easier comparisons.