Shares in toy maker Jakks Pacific Inc. continued to gain early Thursday, adding nearly 4 percent, after the stock was upgraded by Wedbush Morgan Securities.

The upgrade comes a day after the Malibu company, which makes a wide range of toys based on everything from Hannah Montana to professional wrestlers, posted strong fourth quarter earnings. The stock rose more than 8 percent Wednesday.

Analyst Edward Woo raised his rating to “buy” from “hold” saying that Wednesday’s fourth quarter results were “really good,” and he added that given the strength of the Hanna Montana products as well as a few others, “this should be another strong year for them.”

Shares continued to gain for a second-straight day, adding 3.8 percent to $29.05 in early trading Thursday. Shares in Jakks have gained 23 percent so far this year.