Twitter shares popped Wednesday after a research firm said advertisers gave “more constructive” feedback on the social media company’s strategy.

Twitter shares briefly climbed more than 6.5 percent and last traded about 5.4 percent higher around $17.80 a share, on pace for its best day since May 1.

Cleveland Research, a boutique equity research firm, said it sees indications that Twitter’s advertisers and partners are encouraged by user growth on the site, along with changes in ad delivery and progress in Live content.

“This is the best relative feedback in our TWTR research in 2+ years, suggesting some potential bottoming in fundamentals; we look for follow-through improvement in our research for turning more near-term positive,” the research firm said.

Twitter two-day performance

Source: FactSet

Twitter has struggled to prove it has a model that can generate revenue growth. Its shares are down nearly 30 percent from a 52-week high hit in October.

Wednesday’s move sent Twitter’s share price above both its 50-day and 200-day moving averages. Trade volume of more than 10 million shares neared its 30-day average of 15.8 million shares.

That said, the positive developments may take until later this year or next year to unfold, the research report said. The unnamed analysts expect near-term advertising spending on Twitter to change little or decline due to poor results from prior campaigns and better returns from Facebook, Instagram and Google for the advertisers.

Cleveland analysis now models a 15 percent year-on-year decline in ad revenues in fiscal year 2017, before growing 12 percent in fiscal year 2018.

— with reporting by CNBC’s Michael Bloomand Gina Francolla.