Shares of DigitalOcean Holdings, Inc. (DOCN) are surging 5.94% in pre-market trading, as the cloud infrastructure provider receives a wave of positive analyst actions. The stock's significant uptick comes on the heels of multiple upgrades and price target increases from major financial institutions.

Leading the bullish sentiment, Bank of America made a dramatic shift in its outlook for DigitalOcean. The firm upgraded DOCN to Buy from Underperform, nearly doubling its price target from $34 to $60. This substantial revision signals a newfound confidence in the company's growth prospects and market position.

Adding to the optimism, other financial heavyweights also raised their price targets for DigitalOcean. Barclays increased its target to $49 from $40, while UBS lifted its projection to $48 from $40. These upgrades collectively paint a picture of growing analyst confidence in DigitalOcean's future performance. The average price target now stands at $51.36, with an overall overweight rating, according to analysts polled by FactSet. This positive shift in analyst sentiment is likely fueling investor enthusiasm and contributing to the stock's pre-market rally.