Proto Labs (PRLB) stock is soaring 5.01% in intraday trading on Monday, following a positive analyst update from Benchmark. The digital manufacturing company's shares are reacting strongly to the increased confidence in its future performance.

Benchmark, a leading financial services firm, has raised its price target for Proto Labs from $45 to $55, representing a significant 22% increase. The firm also maintained its Buy rating on the stock, indicating continued optimism about the company's prospects. This upgrade comes after Proto Labs reported better-than-expected financial results, though the specific details of the report were not provided in the available news.

The raised price target and maintained Buy rating suggest that Benchmark analysts see potential for further growth in Proto Labs' business. Investors are responding positively to this vote of confidence, driving the stock's impressive intraday surge. As the market digests this new information, it will be interesting to see if Proto Labs can maintain this momentum and reach the new price target set by Benchmark.