Lumen Technologies (LUMN) stock is soaring 5.29% in pre-market trading on Monday, following a significant upgrade from Raymond James. The investment firm raised its rating on the communication services company to Outperform from Market Perform, sparking renewed interest in the stock.

The upgrade comes as a positive development for Lumen Technologies, which has been facing challenges in recent times. While specific details of Raymond James' analysis were not immediately available, such upgrades typically reflect an improved outlook on a company's financial performance, strategic initiatives, or market position. This change in stance from a major investment firm could potentially signal a turning point for Lumen.

Despite the pre-market rally and the optimistic view from Raymond James, it's worth noting that overall market sentiment remains cautious. According to FactSet, the average analyst rating for Lumen Technologies is still a Hold, with a mean price target of $4.53. Investors will likely be watching closely to see if this upgrade translates into sustained positive momentum for Lumen Technologies in the coming trading sessions, and whether other analysts will follow suit in reassessing their outlook on the company.