Shares of Liontown Resources Ltd (ASX:LTR) surged 13.84% during Thursday's trading session, following a significant upgrade from Barrenjoey Markets. The Australian mining company's stock rallied as investors responded positively to the improved analyst outlook.

Barrenjoey Markets raised its rating on Liontown Resources from Underweight to Neutral, simultaneously increasing its price target to AU$1.25. This upgrade represents a considerable shift in the firm's stance on the company, potentially reflecting improved prospects or a reassessment of Liontown's value proposition in the current market environment.

Despite the day's substantial gains, it's worth noting that the overall analyst sentiment on Liontown Resources remains cautious. According to FactSet, the average rating for the stock is still Underweight, with a mean price target of AU$0.86. This suggests that while today's upgrade has boosted investor confidence, there may still be some skepticism among other analysts regarding the company's long-term prospects.