Shares of WEBTOON Entertainment Inc. (WBTN) are soaring 5.59% in pre-market trading on Thursday, following a positive analyst initiation from Citigroup. The surge in stock price comes as investors react to the new coverage and bullish outlook for the company.

Citigroup has initiated coverage on WEBTOON Entertainment with a Buy rating and set a price target of $11. This new rating adds to the overall positive sentiment surrounding the stock, as FactSet reports that WBTN currently has an average rating of overweight among analysts, with a mean price target of $12.71.

The strong analyst backing suggests that Wall Street sees potential in WEBTOON Entertainment's business model and growth prospects. As the digital content and entertainment industry continues to evolve, WBTN's position in the market appears to be attracting positive attention from institutional investors and analysts alike. Investors will likely be watching closely to see if the stock can maintain its momentum and reach the price targets set by analysts.