Kingsoft Cloud Holdings Ltd (KC) stock is soaring in pre-market trading on Tuesday, jumping 5.03% following a significant analyst upgrade. The Chinese cloud service provider's shares are seeing increased interest from investors after a positive change in analyst sentiment.
BofA Securities has upgraded Kingsoft Cloud Holdings to a "Buy" rating, signaling increased confidence in the company's prospects. This upgrade comes as part of a broader assessment by analysts polled by FactSet, which shows an average rating of "Buy" for Kingsoft Cloud, with a mean price target of $17.25.
The upgrade from a major financial institution like BofA Securities is likely to boost investor confidence in Kingsoft Cloud's growth potential and market position. As cloud services continue to be in high demand, particularly in the rapidly growing Chinese market, this positive analyst view could potentially drive further interest in the stock in the coming trading sessions.