Shares of Golden Entertainment (GDEN) are soaring 5.03% in intraday trading on Tuesday, defying a price target reduction as investors focus on a maintained positive outlook from a major Wall Street firm. The stock's resilience in the face of mixed analyst actions highlights the market's optimistic view on the company's prospects.

Wells Fargo has reiterated its Overweight rating on Golden Entertainment, signaling continued confidence in the company's performance and future outlook. This maintained positive stance appears to be the primary driver behind the stock's significant uptick. However, it's worth noting that the same analyst has simultaneously lowered the price target for GDEN from $36 to $34, a move that would typically exert downward pressure on a stock.

The market's strong positive reaction, despite the price target reduction, suggests that investors are placing more weight on the maintained Overweight rating. This response indicates a belief that Golden Entertainment's fundamental strength and growth potential remain intact, even if near-term price expectations have been slightly tempered. As trading continues, it will be interesting to see if GDEN can maintain this momentum in the face of these contrasting analyst signals.