Globus Medical (GMED) stock is soaring 5.07% in pre-market trading on Friday, following the company's strong second-quarter earnings report that surpassed analyst expectations. The medical device maker demonstrated robust financial performance, instilling confidence in investors and prompting positive responses from Wall Street analysts.

According to the quarterly results, Globus Medical reported adjusted earnings of 86 cents per share for the quarter ended June 30, significantly higher than the mean analyst expectation of 76 cents per share. The company's revenue also impressed, rising 18.4% to $745.34 million, slightly above the anticipated $741.81 million. This strong performance comes despite the stock having fallen 10.5% over the quarter and 36.1% year-to-date prior to this report.

Several analysts have reiterated their positive stance on Globus Medical following the earnings release. RBC Capital analyst Shagun Singh Chadha maintained a Buy rating with a price target of $95.00, while Piper Sandler also reaffirmed their Buy rating. The current average analyst rating on the shares is "buy," with a median 12-month price target of $80.00, representing a potential upside of about 32.4% from its last closing price. This bullish outlook from analysts, coupled with the company's strong quarterly performance, appears to be driving the stock's pre-market surge.