Shares of Pampa Energia SA (PAM) surged 5.18% in pre-market trading on Monday, following an optimistic update from Citi analysts. The Argentine energy company's stock rally comes on the heels of Citi raising its price target and adding a positive short-term outlook.
Citi has increased its price target for Pampa Energia from $88 to $92, reflecting growing confidence in the company's near-term prospects. While maintaining a Neutral rating on the stock, the firm has also added an "upside 90-day short-term view," suggesting potential for further gains in the coming months.
The upgrade from Citi appears to have sparked investor enthusiasm, driving the significant pre-market rally. This positive sentiment could be attributed to expectations of improved financial performance or favorable market conditions for Pampa Energia in the short term. However, investors should note that despite the increased price target, Citi's overall neutral stance on the stock remains unchanged.
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