Ouster Inc. (OUST) shares surged 5.14% during intraday trading, as the autonomous vehicle solutions company received a significant boost from Wall Street. The stock's impressive performance comes on the heels of a notable upgrade from a major financial firm and growing optimism surrounding the company's prospects in the autonomous vehicle sector.

Cantor Fitzgerald, a prominent investment bank and financial services company, upgraded Ouster from Neutral to Overweight and raised its price target from $30 to $33. The upgrade reflects growing confidence in Ouster's business model and market position. Analysts at Cantor Fitzgerald expressed enthusiasm about the acceleration of Ouster's automotive and autonomy-related revenue, highlighting the company's increasing deployments in self-driving vehicles and autonomous delivery robots across the United States.

The positive sentiment is further bolstered by Ouster's strategic partnerships, particularly with Serve Robotics and May Mobility. These collaborations are expected to drive growth and expand Ouster's footprint in the rapidly evolving autonomous technology market. As the demand for lidar and other sensing technologies continues to rise in various applications, including robotaxis and autonomous delivery systems, Ouster appears well-positioned to capitalize on these opportunities, fueling investor optimism and contributing to the stock's upward trajectory.