Pan American Silver (PAAS) saw its stock soar 5.11% in pre-market trading on Thursday, following a bullish analyst report from Scotiabank. The surge comes as investors react positively to the maintained Buy rating and an ambitious price target set for the silver mining company.

Scotiabank analyst Ovais Habib reaffirmed his Buy rating on Pan American Silver, setting a price target of $36.50. This vote of confidence from a major financial institution appears to have sparked renewed interest in PAAS shares. The analyst's optimistic outlook suggests potential upside for the stock, which likely contributed to the significant pre-market rally.

The timing of Scotiabank's report, released just before the market opened, seems to have had an immediate impact on investor sentiment. As the silver market continues to attract attention amid global economic uncertainties, Pan American Silver's strong positioning in the industry, as implied by the analyst's rating, could be driving this notable price movement. Investors will be watching closely to see if this pre-market momentum carries into regular trading hours and beyond.