Shares of California Resources Corporation (CRC) are soaring 5.44% in pre-market trading on Wednesday, following a bullish analyst move. The surge comes after Stephens, a well-respected financial services firm, raised its target price for the company's stock.

Stephens has increased its price target for California Resources from $64 to $68, signaling increased confidence in the company's future performance. This upward revision suggests that the analysts at Stephens see potential for further growth in CRC's stock price.

The positive analyst action appears to have sparked investor enthusiasm, leading to the significant pre-market rally. As the trading day progresses, investors will be watching closely to see if California Resources can maintain this momentum and if other analysts will follow suit with similarly optimistic outlooks.