Rocket Companies (RKT) stock is experiencing a pre-market surge of 5.15% on Friday, following the release of its better-than-expected second-quarter earnings report and a robust outlook for the third quarter. The mortgage lending giant's strong performance has sparked investor optimism, driving the stock higher in early trading.

In its Q2 earnings report, Rocket Companies surpassed analyst expectations with adjusted earnings per share of $0.04, beating the consensus estimate of $0.03. The company's adjusted revenue for Q2 came in at $1.34 billion, exceeding the analyst consensus estimate of $1.28 billion by 4.59%. Looking ahead, Rocket provided an impressive Q3 outlook, projecting adjusted revenue between $1.6 billion and $1.75 billion, significantly above analyst expectations of $1.5 billion. This guidance incorporates the full quarter impact of the recently acquired Redfin Corp.

The positive earnings results and strong forward guidance have prompted several analysts to revise their outlook on Rocket Companies. Wells Fargo raised its target price for RKT from $13 to $15, while Barclays increased its target from $14 to $16. Additionally, the successful integration of Redfin, which has expanded Rocket's purchase funnel and improved conversion rates, along with the implementation of new digital tools and AI features, have contributed to the company's improved performance and market sentiment. These factors collectively appear to be fueling the stock's significant pre-market rally.