Shares of Regis Resources Ltd (RRL.AU) surged 5.16% in Monday's pre-market trading session, following a bullish analyst report from Morgans. The gold miner's stock climbed on the back of its recent strong performance and positive outlook for the coming year.

Morgans analysts described Regis Resources' previous fiscal year as "ground-breaking," with the company achieving record revenue, cash balance, EBITDA, and NPAT. The broker maintains an "ACCUMULATE" rating on the stock with a price target of A$5.00 per share, suggesting a potential upside of 23% from its previous closing price.

The positive sentiment is further bolstered by the current strength in gold prices, which are near record highs. Morgans noted that if spot gold prices remain at current levels, their price target for Regis Resources could increase to A$6.02 per share, implying an even more substantial upside of approximately 47%. This potential for additional gains, coupled with the company's strong performance and the broader positive outlook for gold, appears to be driving investor enthusiasm and contributing to the stock's significant pre-market rally.