Although you wouldn’t know it from its stock action, Criteo continues to knock the cover off the ball. A squeamish stock market sent the shares down almost 6% on a fabulous earnings report. I am pounding the table on this stock and raising my price target from $59 to $64 based on higher estimates for 2016 and 2017.

The company continues to benefit from the skyrocketing trends of e-commerce and mobile device transactions. Fears that ad-blocking software would depress revenue growth have proven totally off-base with revenue growth accelerating to 37% in the most recent quarter, up from 31% and 30% in the two previous quarters.

Earnings for the first quarter grew 34%. Although there are still three quarters to play out until year end, estimates for annual earnings growth of only 24% look low. It is rare to find a company growing revenue and earnings 25% to 30% trading with a PE in the high teens. Criteo’s earnings should grow 28% to 30% yet the stock trades at 18 times 2017 numbers.

Concerns that the mid-point for second quarter revenue guidance is $1 million less than current estimates of $161 million seem completely misplaced. Criteo has routinely outperformed guidance. Case in point is the just reported quarter where revenue came in at $162 million versus guidance of $153 million to $158 million.

Revenue from Criteo’s Universal Match software, which pairs consumer activity from laptops and computers to ads delivered on mobile devices, is exploding. Revenue from this product made up 40% of revenue in the first quarter up from 25% in the previous quarter.

All of Criteo’s metrics are moving in the right direction. Unlike most fast growing tech stocks, Criteo earns serious profits and trades at a dirt cheap valuation.

Target: $64