Shares of Blackline Inc. (BL) are soaring 7.18% in pre-market trading on Wednesday, following multiple analyst upgrades that have raised the company's target price. This significant uptick comes as Wall Street expresses increased confidence in the financial software firm's prospects.

Two notable upgrades have contributed to the stock's surge. Piper Sandler has raised its target price for Blackline from $46 to $50, while BMO has increased its target from $50 to $53. These upgrades suggest that analysts are becoming more bullish on Blackline's future performance and growth potential.

The raised target prices often indicate that analysts believe the company's fundamentals are improving or that it has better growth prospects than previously estimated. Investors typically react positively to such upgrades, as they signal potential for higher returns. As the market digests this new information, it appears that traders are repositioning themselves, leading to the significant pre-market jump in Blackline's stock price.