Shares of New Oriental Education & Technology Group Inc (EDU) are soaring 7.58% in Tuesday's intraday trading, building on strong premarket gains following a significant upgrade from JP Morgan. The stock's robust performance comes as investors react positively to the improved outlook from the major financial institution.

JP Morgan has raised its rating on New Oriental Education & Technology from Neutral to Overweight, signaling increased confidence in the company's prospects. Additionally, the firm has substantially increased its target price for EDU stock to $62, up from the previous target of $48. This new target represents considerable upside potential from the stock's current trading levels.

The upgrade appears to have sparked strong investor interest, with New Oriental Education & Technology shares already up 4.9% in premarket trading before extending gains into the regular session. The sharp increase in share price suggests that market participants are aligning their expectations with JP Morgan's more bullish stance on the company. As trading continues, investors will be watching closely to see if the stock can maintain its momentum and approach the newly set target price.