Paramount Global (PARA) saw its stock soar 5.01% in Friday's intraday trading session, outperforming the broader market. The surge comes as Morgan Stanley adjusted its price target for the media giant, potentially boosting investor confidence.

According to reports, Morgan Stanley raised its price target on Paramount Global to $12 from $10, while maintaining an underweight rating on the stock. This adjustment, despite the cautious overall stance, appears to have sparked renewed interest from investors. The new target price, however, still suggests potential downside from current levels, as the stock was trading around $13 following the surge.

While Morgan Stanley's move is noteworthy, it's important to mention that Paramount Global still faces challenges in the competitive media landscape. The company has an average rating of underweight among analysts polled by FactSet, with a mean price target of $11.47. This indicates that many analysts remain cautious about Paramount's prospects in the evolving streaming and traditional media markets.

Investors will be closely watching Paramount Global's performance in the coming months, particularly its streaming subscriber growth and advertising revenue, to assess whether this stock movement signals a longer-term trend or a temporary reaction to analyst adjustments.