Allegiant Travel Company (ALGT) shares are soaring 5.12% in pre-market trading on Wednesday, following positive adjustments to price targets by multiple analysts. The stock's upward movement comes as investors react to the improved outlook from major financial institutions.

UBS has raised its price target on Allegiant Travel to $66 from $65, while maintaining a Neutral rating on the stock. In a similar move, Morgan Stanley increased its price target to $85 from $80, keeping an Equalweight rating. These upgrades reflect growing confidence in Allegiant's potential, despite maintaining cautious overall stances.

According to analysts polled by FactSet, Allegiant Travel currently has an average rating of "Hold" with a mean price target of $68.75. This consensus suggests that while experts see potential in the company, they are adopting a wait-and-see approach. The pre-market surge indicates that investors are responding positively to these incremental improvements in analyst outlooks, potentially seeing them as signs of underlying strength in Allegiant's business model or future prospects.