Shares of Tuya Inc. (TUYA) are soaring 7.84% in pre-market trading on Thursday, building on the momentum from the previous session's impressive 6.34% gain. This surge comes in the wake of a bullish analyst report that has significantly boosted investor confidence in the company.

The catalyst for Tuya's strong performance appears to be a recent reaffirmation from Jefferies analyst Matt Ma, who maintained a Buy rating on the stock with a price target of $3.60. This target represents a substantial upside from the stock's recent trading levels, igniting enthusiasm among investors. The maintained positive outlook from a respected financial institution has sparked renewed interest in Tuya's shares, driving the stock's upward trajectory.

While specific details of the analyst's rationale were not provided, the maintained Buy rating suggests continued faith in Tuya's business model and growth prospects. As the market digests this vote of confidence, investors seem eager to position themselves ahead of potential future gains, as evidenced by the significant pre-market activity. However, as always, market participants are advised to conduct their own research and consider multiple factors when making investment decisions.