Zillow a 'must buy': Suntrust's Peck

Zillow could be on the verge of a breakout, according to the analyst who accurately predicted Twitter's disappointing first quarter earnings report.

"This is a $60 billion dollar market that is just beginning to come on line," said Suntrust Humphrey Robinson Managing Director and Internet Analyst Robert Peck on "Fast Money." "Mobile is providing a competitive edge for Zillow. It's tough for the local MLSs to keep up tech spending."

Peck upped his price target to a 'buy' from 'neutral" on Monday and hiked his price target to $130 from $110 a share — just a day before the online real estate giant was due to report its quarterly numbers.

Zillow's merger with its former rival Trulia could create a long-term boost for the stock, according to Peck.

"They create a scale that creates a network effect that we think is a must buy for agents," said Peck.

Zillow's first quarter results are scheduled to come out after Tuesday's market close. FactSet's forecast calls for a loss of 12 cents a share on $127.8 million in revenue.