Merit Medical Systems Inc. (MMSI) stock is soaring in pre-market trading on Friday, jumping 6.02% following a series of analyst price target upgrades. The medical device company has caught the attention of several Wall Street firms, sparking investor enthusiasm and driving the stock higher.

Leading the charge, Piper Sandler has raised its target price for Merit Medical to $109 from $105, demonstrating increased confidence in the company's growth prospects. Wells Fargo followed suit, bumping up its price target to $103 from $100. Not to be left behind, Needham maintained its bullish stance on the stock, reiterating its price target of $108 per share.

These upgrades from multiple respected financial institutions signal a positive outlook for Merit Medical's future performance. Investors are likely interpreting these raised price targets as indications of the company's strong fundamentals and potential for further growth in the medical device sector. As the market digests this wave of optimistic analyst sentiment, Merit Medical's stock is reacting with significant upward momentum, reflecting heightened investor confidence in the company's trajectory.