Gold Royalty Corp (GROY) shares soared 5.61% in pre-market trading on Thursday, following a bullish adjustment from Wall Street analysts. The surge comes as investors react positively to an increased price target from a prominent research firm.

H.C. Wainwright, a well-respected investment bank and research house, has raised its target price for Gold Royalty Corp to $6.25 from the previous $5.75. This upward revision represents a vote of confidence in the company's future prospects and potential for growth in the gold royalty sector.

The increased target price, which suggests a significant upside from the stock's current trading levels, appears to be driving investor enthusiasm in the pre-market session. Analyst upgrades and target price increases often serve as catalysts for short-term stock movements, as they can influence investor sentiment and trading decisions.