Shares of Opendoor Technologies Inc (OPEN) soared 5.03% in pre-market trading on Monday, following a significant target price upgrade from investment bank KBW. The stock's upward movement comes as investors react positively to the improved outlook for the real estate technology company.

KBW analysts raised their target price for Opendoor Technologies from $1 to $2, doubling their previous valuation. This substantial increase in the price target suggests growing confidence in the company's business model and future prospects. The raised target price could indicate that KBW sees potential for improved financial performance or market positioning for Opendoor in the coming months.

Opendoor Technologies, known for its innovative approach to buying and selling homes through its digital platform, has been navigating a challenging real estate market. This positive analyst action may signal a potential turnaround or improved market conditions for the company. Investors will likely be watching closely to see if this pre-market surge translates into sustained gains and whether other analysts follow suit with revised outlooks for Opendoor Technologies.