Deutsche Bank has lifted its price target on Boku to 180p from 155p, keeping its "buy" rating on the mobile payments group after first-half results landed broadly in line.
The numbers held few surprises, having largely been flagged in a July trading update.
Revenue rose 5% to $66.5 million on a headline basis, or 11% once last year's one-off launch pricing is stripped out.
Adjusted earnings before interest, tax, depreciation and amortisation came in at $19.6 million, just ahead of the $19.3 million pre-announced, giving a robust margin of 29.4%.
Total payment volume, the value of transactions flowing through Boku's platform, grew 16% to $8.9 billion.
Analyst Tintin Stormont noted the average take rate, the slice Boku keeps from each transaction, slipped to around 77 basis points, down 8 points on a reported basis.
The broker put that down to changes in mix rather than any underlying weakness.
Boku ended the period with $84 million of its own cash, having spent about $23 million on share buybacks in the first half.
A further buyback, covering 8 million shares, is around 10% complete.
The note, titled "Delayed growth drivers now live", points to Deutsche Bank's confidence that Boku's newer revenue streams are starting to come through.
