Shares of Avis Budget Group (CAR) are soaring 5.15% in pre-market trading on Friday, following positive analyst reactions to the company's first-quarter results. The car rental giant has received price target upgrades from two major financial institutions, signaling growing confidence in its business outlook.

JPMorgan Chase has raised its price target for Avis Budget from $145 to $155, maintaining an Overweight rating on the stock. This upgrade comes after the firm's analysis of Avis Budget's Q1 report, suggesting strong financial performance for the period. Similarly, Jefferies has increased its price target from $107 to $117, further bolstering investor sentiment.

These upgrades reflect growing optimism about Avis Budget's business prospects in the current economic environment. The car rental industry has been rebounding as travel demand recovers, and Avis Budget appears well-positioned to capitalize on this trend. Investors are likely interpreting these analyst actions as indicators of potential upside in the stock, driving the pre-market surge.