Shares of Weatherford International PLC (WFRD) are soaring 5.10% in pre-market trading on Monday, following a significant upgrade from Piper Sandler. The investment firm raised its rating on the oilfield services company from Neutral to Overweight and substantially increased its price target.

Piper Sandler analysts have shown increased confidence in Weatherford's potential, hiking their price target from $62 to $73. This new target represents considerable upside from the stock's previous closing price, likely contributing to the strong pre-market rally. The upgrade comes as Piper Sandler believes Weatherford has "finally level-set expectations," suggesting improved stability and growth prospects for the company.

The positive sentiment isn't limited to Piper Sandler. According to data from FactSet, the average analyst rating for Weatherford International is "overweight," with a mean price target of $68.43. This broader bullish view from Wall Street analysts further supports the stock's upward movement, as investors appear to be repositioning based on the improved outlook for the company. As the trading day progresses, it will be interesting to see if Weatherford can maintain this momentum and how the market digests this latest vote of confidence from a major investment firm.