Shares of Calumet Specialty Products Partners LP (CLMT) surged 5.12% in pre-market trading on Tuesday, following an upgrade in price target by UBS. The stock's significant movement comes as investors react positively to the improved outlook from a major financial institution.

UBS analyst Manav Gupta raised the firm's price target on Calumet to $13.25 from $12, representing a notable increase in the stock's perceived value. Despite the higher price target, UBS maintained its Neutral rating on the shares, suggesting a balanced view on the company's prospects.

The stock's sharp rise indicates that market participants are interpreting the increased price target as a positive signal for Calumet's future performance. However, investors should note that while the raised target is encouraging, UBS's maintained Neutral stance implies a measured outlook. As always, market watchers will be keen to see if this pre-market surge translates into sustained gains during regular trading hours.