Shares of Babcock & Wilcox Enterprises (NYSE: BW) continued their upward trajectory, soaring 5.26% in pre-market trading on Wednesday. This surge follows a strong performance on Tuesday, where the stock climbed 6.43% during regular trading hours.

The ongoing rally appears to be fueled by a positive analyst report from Lake Street. Analyst Robert Brown reiterated a Buy rating on Babcock & Wilcox, maintaining an ambitious price target of $9.00. This bullish stance from a prominent analyst has seemingly boosted investor confidence in the energy and environmental technologies company.

The $9.00 price target suggests significant upside potential from the stock's current trading levels, which is likely driving the continued buying pressure. As the market continues to digest this reaffirmed bullish outlook, investors will be watching closely to see if Babcock & Wilcox can maintain its momentum and work towards achieving the analyst's price target.