Shares of Gen Digital Inc. (GEN) are soaring 5.75% in pre-market trading on Friday, following the company's impressive second-quarter earnings report and a series of analyst upgrades. The cybersecurity firm has demonstrated robust financial performance, beating market expectations and prompting positive reactions from Wall Street.
Gen Digital reported quarterly adjusted earnings of 64 cents per share for the quarter ended June 30, surpassing the mean expectation of 60 cents from eight analysts. This represents a significant improvement from the 53 cents per share reported in the same quarter last year. The company's revenue also impressed, rising 30.3% to $1.26 billion, outpacing analyst expectations of $1.19 billion.
In response to the strong results, several analysts have raised their price targets for Gen Digital. Barclays increased its target price to $33 from $32, while Wells Fargo made a more substantial adjustment, raising its target to $40 from $37. These upgrades reflect growing confidence in Gen Digital's business model and future prospects, likely contributing to the stock's pre-market surge. As the market opens, investors will be watching closely to see if this positive momentum continues throughout the trading session.
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