Roblox's (RBLX) Grow a Garden game could set up the company for a potential record-breaking Q2 as it drives "massive engagement growth," Wedbush Securities said in a note Thursday.

The game was released on March 31 and has since topped the company's concurrent user, or CCU, record at least five times, reaching a CCU count of 5 million on May 17 and 11.8 million on June 7, the investment firm said. The increased CCU indicates significant growth in bookings and daily active users, Wedbush added.

Apart from the new game, Roblox is also expected to see higher ad revenue growth driven by its rewarded video ad format partnership with Alphabet's (GOOG, GOOGL) Google, Wedbush said.

"We see Roblox as the most compelling growth opportunity in the video game sector given its large and expanding user base, its slate of new and upcoming products, and the potential to unlock additional profit drivers within its business," Wedbush analysts said in the note.

Wedbush raised its price target on Roblox's stock to $110 from $91, while maintaining its outperform rating.

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