Canada Goose Holdings Inc. (GOOS) stock is soaring 5.11% in intraday trading, following a notable upgrade from Wells Fargo. The luxury outerwear maker's shares are gaining traction as investors respond positively to the improved outlook from a major financial institution.

Wells Fargo has upgraded Canada Goose from Equal Weight to Overweight, signaling increased confidence in the company's prospects. The firm also raised its price target for the stock to C$20 from C$19, suggesting significant upside potential. Analysts at Wells Fargo view Canada Goose as a developing turnaround story, indicating that the company may be on the cusp of improved performance.

This upgrade comes at a time when the broader market sentiment towards Canada Goose has been cautious. Prior to this upgrade, the average rating for the stock was "hold" with a mean price target of CA$14.92, according to FactSet data. The divergence between Wells Fargo's optimistic view and the general market consensus highlights the potential for a shift in investor perception of the company's future prospects.