Tuya Inc. (TUYA) experienced a significant surge in its stock price, soaring 6.34% in a 24-hour period. The stock's impressive performance came during Wednesday's trading session, reflecting growing investor confidence in the company's prospects.

The catalyst for this upward movement appears to be a positive analyst rating from Jefferies. Analyst Matt Ma maintained a Buy rating on Tuya and set a price target of $3.60, significantly higher than the stock's opening price of $2.80 on the day of the announcement. This vote of confidence from a reputable financial institution likely sparked renewed interest in Tuya's shares.

While the specific reasons behind Jefferies' bullish stance were not detailed in the available information, the maintained Buy rating suggests that the firm sees potential for growth and value in Tuya's business model and market position. Investors seem to be responding favorably to this assessment, as reflected in the stock's substantial price increase. As always, market participants are advised to conduct their own research and consider multiple factors when making investment decisions.