Shares of Matson (MATX) are soaring 5.06% in Friday's intraday trading session, following a significant upgrade from Wolfe Research. The shipping and logistics company's stock received a boost after analysts at Wolfe Research raised their rating on Matson from Peer Perform to Outperform, signaling increased confidence in the company's future performance.

The upgrade comes with a new price target of $142, suggesting substantial upside potential for Matson's stock. Wolfe Research's decision to upgrade the stock appears to be driven by Matson's recent financial performance, with the company reporting a strong beat in its third-quarter results. The impressive earnings have likely contributed to the analysts' more optimistic outlook on the stock.

Investors are reacting positively to this vote of confidence from Wolfe Research, as evidenced by the significant uptick in Matson's stock price. The upgrade highlights the shipping industry's potential strength and Matson's position within it, particularly as global trade continues to recover and adapt to post-pandemic conditions. As the trading day progresses, market participants will be watching closely to see if Matson can maintain its momentum and approach the newly set price target.