Most investors would jump at the chance to earn a 39% return on a heavily undervalued title. One pundit believes that's very much the case with low-priced freelance gig marketplace Fiverr International (NYSE: FVRR).

That stampeding Fiverr bull is Needham analyst Bernie McTernan, who raised his price target on the company just after it unveiled Q1 earnings. McTernan set a price target of $36 per share, a jump from the previous $33 target. The price implies a 39% upside over the next 12 months. He maintained his buy recommendation.

While some first-quarter fundamentals weren't mind-blowingly impressive, Fiverr did post meaningful net income growth and notch a double beat on analyst expectations. For the period, the company managed revenue growth of 6% year over year (to $93.5 million), despite a slight drop in the active buyers essential for its business. Non-GAAP (adjusted) net income soared 48% higher to nearly $22 million.

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Source Fool.com