Shares of Tuya Inc. (TUYA) experienced a significant surge, soaring 6.34% in the last 24 hours of trading on Wednesday. The stock's impressive performance comes in the wake of a bullish stance from a prominent Wall Street analyst.

Jefferies analyst Matt Ma reaffirmed his Buy rating on Tuya stock, setting a price target of $3.60. This target represents a substantial upside potential from the stock's opening price of $2.80 on Wednesday. The maintained positive outlook from Jefferies appears to have sparked investor confidence, driving the stock's upward momentum.

While specific details of the analyst's rationale were not provided, the maintained Buy rating suggests continued faith in Tuya's business model and growth prospects. Investors seem to be responding positively to this vote of confidence from a respected financial institution, as reflected in the stock's significant price appreciation over the past 24 hours.