Shares of SiTime Corp (SITM) experienced a significant surge, soaring 11.26% during Thursday's trading session. The remarkable upward movement came on the heels of a notable price target upgrade from Stifel, a respected financial services firm.

Stifel raised its target price for SiTime Corp from $180 to $210, representing a substantial increase that signals strong confidence in the company's future prospects. This upgrade caught the attention of investors, initially driving the stock up 5.88% in pre-market trading before gaining further momentum as the regular session began.

While specific reasons for Stifel's bullish stance were not detailed in the available news, such upgrades typically stem from positive assessments of a company's fundamentals, market position, or industry trends. The significant price target hike suggests that Stifel's analysts have become increasingly optimistic about SiTime's growth potential and overall outlook. Investors will likely be watching closely in the coming days to see if SiTime can maintain this upward trajectory and justify the heightened expectations set by the new price target.