Avadel Pharmaceuticals plc (AVDL) stock soared 5.66% in the pre-market session on Monday, despite UBS lowering its price target on the company from $22 to $14. Despite the price target cut, UBS maintained a Buy rating on the shares, likely fueling the stock's surge.
While the exact reasons behind the stock's upward movement were not explicitly stated in the available news, it is possible that investors were encouraged by UBS's continued bullish stance on AVDL, even with the lower price target. The firm's decision to maintain a Buy rating may have signaled confidence in the company's long-term prospects, outweighing the concerns surrounding the price target reduction.
It is worth noting that stock price movements can be influenced by various factors, including analyst ratings, company news, and overall market sentiment. In this case, the positive sentiment stemming from the maintained Buy rating appears to have overshadowed the negative impact of the price target cut, at least in the short term.
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