Shares of Kingsoft Cloud Holdings Ltd (KC) are soaring in pre-market trading on Thursday, with the stock up 10.47% following a positive analyst initiation. The Chinese cloud services provider is catching investors' attention after UBS assumed coverage with a bullish stance.
UBS analyst Wei Xiong initiated coverage on Kingsoft Cloud with a Buy rating, signaling confidence in the company's prospects. Moreover, the analyst set a price target of $14, representing a significant increase from the previous target of $12.50. This upgraded price target suggests substantial upside potential for the stock, likely contributing to the enthusiastic investor response.
While specific details of UBS's analysis were not provided, the Buy rating and increased price target imply that the firm sees strong fundamentals and growth opportunities for Kingsoft Cloud in the competitive cloud computing market. As investors digest this positive outlook from a major financial institution, it appears to be driving renewed interest in KC shares, resulting in the notable pre-market surge.
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