Shares of WEBTOON Entertainment Inc. (WBTN) are soaring 5.59% in pre-market trading on Thursday, following a bullish initiation from Citigroup. The surge comes as investors react positively to the new analyst coverage, which signals growing interest in the digital comics platform.

Citigroup has initiated coverage of WEBTOON Entertainment with a Buy rating and set a price target of $11. This optimistic outlook from a major financial institution has sparked investor enthusiasm, potentially driving the stock's significant pre-market gains. The $11 price target suggests considerable upside potential from the stock's previous closing price.

It's worth noting that WEBTOON Entertainment currently has an average rating of overweight among analysts polled by FactSet, with a mean price target of $12.71. This indicates that Citigroup's bullish stance aligns with the generally positive sentiment surrounding the company. As the digital content landscape continues to evolve, WEBTOON's position in the growing webtoon market appears to be attracting increased attention from Wall Street.