The world's biggest sporting event will benefit Twitter shares, according to one Wall Street firm.

MKM Partners reiterated its buy rating for Twitter's stock, predicting a big sales boost from the World Cup this summer.

"The Internet advertising environment appears to remain robust entering mid-year," analyst Rob Sanderson said in a note to clients Friday. "We think the World Cup can be a more meaningful driver for TWTR than in 2014 because … the service is much improved than four years ago."

The company's stock rose 2.8 percent after the report.

Sanderson raised his price target to $43 from $40 for Twitter shares, representing 24 percent upside to Thursday's close.

The FIFA World Cup will be held in Russia from June 14 to July 15.

The analyst noted that Fox Sports will put every World Cup goal on its Twitter feed. International now represents 48 percent of Twitter's sales versus just 33 percent four years ago.

"We still think there is potential for mass-market adoption in the future which could revalue the company significantly higher, in our view," he said. "We think this represents option value and is not part of our investment thesis at this time."

Twitter is one of the best performing stocks in the market this year. Its shares are up 44.5 percent through Thursday versus the S&P 500's 1.2 percent gain.