Shares of iQiyi Inc. (IQ) surged 5.10% in intraday trading on Friday, as the Chinese video streaming platform received positive updates from analysts. The stock's upward movement comes on the heels of revised price targets from major financial institutions.

Nomura, a prominent financial services group, adjusted its price target for iQiyi to $2.20 from the previous $1.70, while maintaining a Neutral rating on the stock. This significant increase in the price target suggests that Nomura sees potential upside for iQiyi, despite not changing its overall stance on the company.

Similarly, J.P. Morgan reiterated its Hold rating on iQiyi, also setting a price target of $2.20. Analyst Daniel Chen CFA's report, released just prior to the stock's movement, aligns with Nomura's valuation, potentially reinforcing investor confidence in the stock. The consistent price targets from two major financial institutions appear to have sparked renewed interest in iQiyi shares, contributing to the day's notable gains.