Shares of Kontoor Brands, Inc. (KTB) are soaring 5.02% in Friday's pre-market trading session, following bullish analyst reports from major financial institutions. The significant uptick comes as both Barclays and UBS raised their target prices for the apparel company's stock.

Barclays has increased its target price for Kontoor Brands from $86 to $91, while maintaining a Buy rating on the stock. This positive outlook was further reinforced by Barclays analyst Paul Kearney, who reiterated the Buy rating in a report released earlier today. Meanwhile, UBS has taken an even more optimistic stance, raising its target price for KTB from $92 to $99.

These upgrades from prominent Wall Street analysts suggest growing confidence in Kontoor Brands' business prospects and future performance. The higher target prices indicate that these financial institutions believe the stock has room for further appreciation, which is likely driving the current surge in investor interest. As the market digests this positive sentiment, Kontoor Brands' stock continues to gain momentum, reflecting the impact of analyst opinions on short-term stock movements.