Shares of Marqeta, Inc. (MQ) are soaring in pre-market trading on Friday, up 5.01% following a positive analyst update. The fintech company, known for its card issuing and payment processing platform, is seeing increased investor interest ahead of the market open.

The surge comes after Wells Fargo raised its target price for Marqeta from $4 to $5. This upward revision represents a significant 25% increase in the bank's valuation of the company. Analyst adjustments, especially from major financial institutions like Wells Fargo, often serve as important signals for investors and can drive short-term price movements.

While the specific reasons behind Wells Fargo's more optimistic outlook weren't immediately clear, such target price increases typically reflect an improved assessment of a company's financial health, growth prospects, or competitive position. For Marqeta, this could suggest growing confidence in its business model and potential in the evolving fintech landscape. Investors will likely be watching closely to see if this pre-market momentum carries into regular trading hours and if other analysts follow suit with similarly bullish assessments.