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Shares of Robinhood Markets ( HOOD ) climbed Thursday after the e-brokerage posted strong user data and Deutsche Bank analysts upgraded the stock, citing "attractive growth potential.

Robinhood late Wednesday said it had 24.2 million funded customers at the end of July, up about 70,000 from June and more than 1 million from the same period a year ago. Assets under custody (AUC) were $144.5 billion, a 3% rise from the month before and up 53% year-over-year.

Deutsche Bank, meanwhile, raised its rating on the stock to "buy" from "hold," lifting its price target from $21 to $24. The shares finished 4.8% higher at $19.55 on Thursday, pushing their year-to-date gain to 53%.

The analysts wrote in a note to clients that they see Robinhood’s growth potential as “exceptionally attractive.” That outlook, they said, was supported “by solid growth in transaction revenue and good cost control across a more diversified business base.”

Deutsche Bank also credited management with expanding the business beyond “simple brokerage trading, citing efforts to add customers including Gold subscriptions, retirement accounts and international expansion.

Deutsche Bank said that it believes the e-brokerage group is “best positioned in the near-term should volatility in equity and fixed income markets persist, given their defensive earnings characteristics in that backdrop scenario.”

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