Life360 stock rose Monday after a Wall Street analyst raised his price target on the family connection and safety company.
UBS analyst Chris Kuntarich reiterated his buy rating on Life360 stock and increased his 12-month price target to 71 from 57.
On the stock market today, Life360 stock advanced 2.7% to close at 62.73.
In a client note, Kuntarich said he is more positive on the company after rival Apple didn't discuss its "Find My" offering last week at the WWDC conference.
Instead of pushing more aggressively with its "Find My" app, Apple appears to be focused more on its "privacy first" ethos, Kuntarich said.
"We remain constructive on Life360 as we see scope for further upside to our estimates in the form of App Store fee relief in the U.S., faster execution on the ads opportunity, and the rollout of pet/elder monitoring," he said.
San Mateo, Calif.-based Life360 provides technology for tracking family members, pets and valuables. The company sells Tile-brand tracking devices. Life360 competes with Apple's AirTags devices and its Find My app.
Life360 stock notched a record high of 65.79 on June 6. That all-time high followed the company's better-than-expected sales and earnings for the first quarter, released on May 12.
Life360 went public in June 2024 with its IPO priced at $27 a share.
Further, Life360 stock is on three IBD lists: IBD 50, IPO Leaders and Tech Leaders.
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