Shares of Capri Holdings Ltd (CPRI) are surging 5.61% in pre-market trading on Wednesday, following a significant upgrade from JP Morgan. The luxury fashion group's stock is reacting positively to the increased confidence from one of Wall Street's major investment banks.

JP Morgan has raised its rating on Capri Holdings from Neutral to Overweight, signaling a more bullish outlook on the company's prospects. Additionally, the investment bank has increased its target price for Capri Holdings to $30, up from the previous target of $24. This represents a substantial 25% increase in the price target, reflecting JP Morgan's heightened expectations for the stock.

The upgrade and increased price target from JP Morgan could potentially attract more investor attention to Capri Holdings. As the market digests this new analyst perspective, it may lead to increased trading volume and further price movements throughout the trading day. Investors and market participants will be closely watching how Capri Holdings performs when regular trading begins, to see if the pre-market gains hold or extend further.