Stock Track | Daqo New Energy Surges in Pre-Market on Leadership Transition and Analyst Optimism

Stock Track10-31

Shares of Daqo New Energy Corp. (NYSE: DQ), a leading polysilicon manufacturer for the solar industry, soared 5.17% in pre-market trading on Wednesday, October 31st, 2024. The stock's pre-market surge can be attributed to a combination of positive developments, including a strategic leadership transition and increased analyst optimism.

Firstly, Daqo New Energy announced the appointment of Xiaoyu Xu as the company's new Deputy Chief Executive Officer, effective immediately. Xiaoyu Xu, the daughter of Chairman and CEO Xiang Xu, has been serving as the company's Investor Relations Director and Board Secretary since May 2023. Her promotion to the Deputy CEO role is expected to strengthen Daqo's corporate strategy and drive its next phase of growth as the company aims to capitalize on significant opportunities in the renewable energy transition.

Additionally, Daiwa Securities, a prominent financial research firm, upgraded its rating on Daqo New Energy to "Outperform" from "Hold," citing price targets ranging from $4.85 to $35.54 according to analysts polled by Capital IQ. This analyst upgrade likely fueled investor enthusiasm and contributed to the pre-market surge, as it reflects growing confidence in Daqo's future prospects within the solar industry.

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