Robinhood Markets (HOOD) shares rose on Thursday after the e-brokerage released strong user data and Deutsche Bank analysts upgraded the stock, citing “attractive growth potential.”

Robinhood said late Wednesday that it had 24.2 million customers with funds at the end of July, about 70,000 more than in June and more than 1 million more than the same period a year ago. Assets under management (AUC) totaled $144.5 billion, up 3% from the previous month and 53% from a year ago.

Deutsche Bank, meanwhile, raised its rating on the stock from “hold” to “buy” and raised its price target from $21 to $24. The stock closed 4.8 percent higher at $19.55 on Thursday, bringing its year-to-date gain to 53 percent.

The analysts wrote in a note to their clients that they consider Robinhood’s growth potential to be “extraordinarily attractive.” This outlook is supported by “solid growth in transaction revenue and good cost control in a more diversified business base,” they said.

Deutsche Bank also credited management for expanding the business beyond “simple brokerage,” citing efforts to attract new customers such as gold subscriptions and retirement accounts, as well as international expansion.

Deutsche Bank said it believes the e-brokerage group is “best positioned in the short term due to its defensive earnings characteristics should volatility in equity and bond markets persist.”