Shares of Calumet Specialty Products Partners LP (CLMT) are soaring 5.11% in pre-market trading on Tuesday, following a positive analyst initiation from Bank of America Securities. The stock's significant uptick comes as investors react to the new coverage, which could signal growing confidence in the company's prospects.

Bank of America Securities has initiated coverage on Calumet Specialty Products with a Buy rating, according to reports from Benzinga. Analyst ratings, particularly from major financial institutions, often have a substantial impact on stock prices as they can influence investor sentiment and trading decisions.

While specific details of the analyst's rationale for the Buy rating were not immediately available, such recommendations typically reflect a positive outlook on a company's financial health, growth potential, or market position. For Calumet Specialty Products, this new coverage could attract more investor attention and potentially lead to increased buying pressure in the near term.