Liontown Resources Ltd (ASX:LTR) shares are soaring in Thursday's trading session, surging by 13.84% following a significant analyst upgrade. The stock's dramatic rise comes as Barrenjoey Markets raised its rating on the company from Underweight to Neutral, signaling a more optimistic outlook for the Australian mining firm.

In a notable shift in sentiment, Barrenjoey Markets not only upgraded Liontown Resources but also set a price target of AU$1.25 for the stock. This target represents a substantial premium to the company's previous trading levels, likely contributing to the strong investor reaction and the subsequent sharp increase in share price.

The upgrade from Barrenjoey Markets stands out against the backdrop of the overall analyst consensus on Liontown Resources. According to data from FactSet, the average rating for the company remains at Underweight, with a mean price target of AU$0.86. This disparity between Barrenjoey's new stance and the broader market view underscores the potential for changing perceptions about Liontown's prospects, which may be fueling today's significant stock movement.