Shares of eToro Group Ltd. (ETOR) surged 5.70% in pre-market trading on Wednesday, following a significant upgrade from Susquehanna. The social trading and multi-asset brokerage company's stock movement comes in response to positive analyst sentiment and an increased price target.
Susquehanna analyst James Friedman upgraded eToro from Neutral to Positive, simultaneously raising the price target from $50 to $55. This upgrade reflects growing confidence in eToro's business model and future prospects. The new price target suggests substantial upside potential from the stock's previous closing price.
The upgrade is particularly noteworthy in the context of eToro's overall analyst ratings. According to FactSet, the company currently maintains an average rating of overweight among analysts, with a mean price target of $61.19. This indicates that Susquehanna's revised target, while more optimistic than their previous stance, still falls below the consensus view, suggesting potential for further upside if the company continues to perform well.
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