Shares of Angi Inc. (ANGI) are soaring 5.02% in early trading on Thursday, following a significant price target upgrade from Benchmark Co. The stock's surge comes as investors react positively to the renewed confidence in the company's potential.
Benchmark Co. analyst Daniel Kurnos reaffirmed a Buy rating on Angi and dramatically raised the price target from $6 to $27. This substantial increase in the target price represents a vote of confidence in Angi's future prospects and growth potential. The new price target suggests considerable upside potential from the stock's current trading levels.
While specific details about the rationale behind the price target hike were not provided in the available news, such a significant upgrade often indicates that the analyst sees improved fundamentals or business outlook for the company. Investors are likely interpreting this as a positive signal about Angi's market position and future performance in the home services sector. As the market digests this new information, it will be interesting to see if other analysts follow suit with upgrades or if the stock can maintain its upward momentum.
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