Shares of Ouster Inc. (OUST) surged 5.14% in intraday trading after Cantor Fitzgerald upgraded the autonomous vehicle solutions company to Overweight from Neutral and raised its price target to $33 from $30.

The upgrade comes on the heels of Ouster's recent earnings report, which appears to have impressed analysts. Cantor Fitzgerald expressed optimism about the company's progress, stating, "We are encouraged by the acceleration of automotive-/autonomy-related revenue, and we expect OUST to continue to ramp up its deployments to self-driving vehicles and autonomous delivery robots across the U.S."

The firm highlighted Ouster's partnerships with companies like Serve Robotics and May Mobility as key drivers for future growth. This positive outlook from a major financial services firm has likely boosted investor confidence in Ouster's potential in the rapidly evolving autonomous vehicle market, contributing to today's significant stock price increase.