Azenta (AZTA) stock is soaring 6.52% in pre-market trading on Wednesday, following a significant upgrade from Raymond James. The investment firm raised its rating on Azenta from Market Perform to Outperform, signaling increased confidence in the company's prospects.

Raymond James analysts have set a price target of $35 for Azenta, suggesting substantial upside potential from its current trading levels. The upgrade comes in the wake of Azenta's recent third-quarter earnings report, which, despite being described as "noisy," appears to have positively influenced the firm's outlook on the stock.

While the average analyst rating for Azenta remains at "hold" with a mean price target of $32.14, according to FactSet, this latest upgrade could potentially shift market sentiment. Investors are reacting positively to the news, as reflected in the stock's pre-market surge, indicating growing optimism about Azenta's future performance and market position.