Shares of Taboola.com Ltd (TBLA) are soaring 7.52% in pre-market trading on Thursday, following a significant analyst upgrade that has sparked investor enthusiasm. The digital advertising company's stock is gaining momentum as Wall Street reassesses its growth prospects.
The primary catalyst for the stock's surge is B. Riley's upgrade of Taboola.com from Neutral to Buy, coupled with a price target of $4. This upgrade signals increased confidence in the company's future performance and suggests potential upside from its current trading levels. The positive analyst action has evidently resonated with investors, driving the pre-market rally.
Despite the optimistic outlook from B. Riley, it's worth noting that Benchmark has simultaneously cut its target price for Taboola.com to $4 from $4.5. However, the overall sentiment remains bullish, with FactSet reporting that the consensus among analysts covering TBLA is currently overweight, with a mean price target of $4.17. As the market opens, investors will be closely watching to see if Taboola.com can maintain its upward trajectory and capitalize on this renewed analyst confidence.
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