Glu Mobile (NSDQ: GLUU) shares rose today after an analyst ungraded the stock following the mobile game publisher’s solid Q1 results yesterday. The stock is up today about 40 cents, or 9 percent, trading at $4.63 a share. In Q1, the company’s revenues increased more than 30 percent to beat analysts’ expectations. Glu also raised its full-year outlook and predicted Q2 revenues above Wall Street estimates. Morgan Keegan & Co. analyst Tavis McCourt upgraded the stock to “Outperform” from “Market Perform,” AP reported. The analyst cited Glu’s Q1 report, but also its improved strategic position and his belief that it will benefit from consumers’ rising adoption of smart phones. Merriman Curhan and Ford Analyst Seth Potter maintained his “buy” rating on the stock because his opinion on Glu has not changed. He wrote in a note to investors: “The combination of emerging open platforms, a ramp of new titles (both branded and original) and increased scale via recent acquisitions should deliver above-average revenue and EPS growth” during the second half of this year and in 2009. A third analyst at Goldman Sachs kept his “Neutral” rating and 12-month $7.50 price target for the stock.