Life360 (ASX:360) monthly active users (MAU) grew nearly 20% year-on-year in May, up from about 17% in April and within the top end of full-year guidance of 17% to 20%, following the resolution of a Google Play Store suppression issue, Jefferies said in a June 14 note.

Jefferies noted that May data indicated a rebound in the company's user growth after earlier disruption from a Google Play Store suppression issue that affected the first quarter of the year and part of April, with Sensor Tower trends pointing to a steady recovery in underlying momentum.

The firm said international markets led growth in May, with MAU rising over 24% year-on-year, outpacing the US at about 16%.

The firm highlighted potential upside to second-quarter consensus expectations, noting that while current forecasts assume nearly 17% MAU growth, sustained June trends similar to May could lift growth by up to roughly two percentage points.

The firm expects focus beyond MAUs to shift toward Paying Circles in the upcoming second-quarter results, with paid conversion continuing to outpace overall user growth, as consensus projects 3.2 million Paying Circles in the second quarter, rising to 3.5 million by year-end.

The firm added that Apple's new Siri artificial intelligence features are unlikely to materially impact the company, as they don't match its dedicated family safety ecosystem spanning location tracking, geofencing, driving insights, emergency services, cross-platform support, and Tile and Pet global positioning system hardware.

The investment firm has a buy rating on Life360 with a AU$26 per share price target.