Shares of Par Pacific Holdings Inc (PARR) are surging 5.35% in pre-market trading on Thursday, following a series of positive analyst actions. The stock's upward momentum appears to be primarily driven by Raymond James' decision to raise its target price for Par Pacific from $45 to $48.
The increased confidence from Raymond James analysts suggests a bullish outlook for Par Pacific's future performance. This upgrade comes on the heels of another positive assessment from TD Cowen, where analyst Jason Gabelman reiterated a Buy rating on PARR with a price target of $39. Gabelman's report highlighted Par Pacific's strong cash generation and strategic maneuvers as key factors supporting the Buy rating.
These analyst upgrades reflect growing optimism about Par Pacific's business prospects and financial health. Investors seem to be responding positively to these assessments, as evidenced by the significant pre-market stock movement. As the trading day progresses, it will be interesting to see if Par Pacific can maintain this momentum and how close it may approach the new, higher price targets set by analysts.
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