Shares of Pampa Energia SA (PAM) surged 5.18% in pre-market trading on Monday, following a positive analyst update from Citi. The bank raised its price target on the Argentine energy company from $88 to $92, while maintaining a Neutral rating on the stock.

In addition to the increased price target, Citi added an "upside 90-day short-term view" for Pampa Energia, signaling potential near-term gains for the stock. This bullish outlook from a major financial institution appears to have sparked investor enthusiasm, driving the significant pre-market rally.

While Citi maintains its Neutral stance on Pampa Energia, the raised price target and positive short-term view suggest growing confidence in the company's prospects. Investors will likely be watching closely for any further developments or announcements from the company that could support this optimistic outlook.