Roku shares jumped in premarket trading on Friday after the company posted strong fourth-quarter earnings that beat Wall Street’s expectations. Several analysts responded by raising their price targets for the streaming platform.

The stock rose 13% to $93.34 before the market opened, doing better than the broader market as investors waited for January’s inflation data.

Roku reported adjusted earnings of 53 cents per share for the fourth quarter, almost twice the 28-cent estimate. Revenue grew 16% from last year to $1.39 billion, beating the $1.35 billion forecast.

Roku’s outlook was also strong. The company expects adjusted earnings before interest, taxes, depreciation, and amortization of $635 million this year on $5.5 billion in revenue, both above analyst estimates.

David Joyce of Seaport Research Partners raised his price target to $130 from $116 and kept a Buy rating. This new target suggests about 57% upside from Thursday’s close. Joyce pointed to rising ad spending and more demand for live sports streaming as key growth factors. He also noted that Roku earns a share of subscription revenue when users watch major sporting events through its platform.

Ralph Schackart of William Blair, who rates the stock Outperform, pointed to strong subscription growth and more Roku devices in use as signs of the company’s growing market strength.

The positive sentiment follows similar optimism from other research firms. Other research firms have also been optimistic. In December, both Jefferies and Wedbush listed Roku as one of their top stock picks for this year.ng its operating system to television manufacturers, enabling access to streaming platforms. The ongoing transition from traditional linear television to streaming services continues to present growth opportunities for the company’s business model.