Viasat (VSAT) stock is soaring in pre-market trading on Wednesday, jumping 5.68% following a significant upgrade from JP Morgan. The surge comes as investors react positively to the revised outlook for the satellite communications company.

In a note to investors, JP Morgan dramatically raised its target price for Viasat from $10 to $23, more than doubling its previous valuation. This substantial increase in the price target suggests that the financial institution sees considerable upside potential in Viasat's business prospects and future performance.

The upgraded price target from a major Wall Street firm like JP Morgan often carries significant weight among investors. It can signal increased confidence in a company's strategy, financial health, or market position. For Viasat, this vote of confidence comes at a time when the satellite and communications technology sector is experiencing rapid growth and transformation, driven by increasing demand for global connectivity solutions.