Shares of Shoals Technologies Group (SHLS) are soaring 5.36% in pre-market trading on Thursday, following a significant target price upgrade from Wells Fargo. The financial services company has raised its price target for Shoals Technologies Group to $10 from the previous $6, signaling increased confidence in the company's future performance.

The substantial 66.67% increase in the price target has caught investors' attention, driving up demand for Shoals Technologies Group's stock. Wells Fargo's move suggests that the bank's analysts see greater potential in the company's business model and growth prospects than previously anticipated.

While specific reasons for Wells Fargo's bullish stance were not immediately available, the upgrade could be attributed to factors such as Shoals Technologies Group's recent financial performance, industry trends in the solar energy sector, or potential new contracts or partnerships. Investors will likely be watching closely for any additional information or guidance from the company in the coming days to better understand the factors behind this positive outlook.