Why GigaCloud Technology Stock Leaped 14% Higher Today
There are few events that make an analyst more bullish on a stock than a knockout quarter. This was the case Tuesday with B2B e-commerce specialist GigaCloud Technology (NASDAQ: GCT). The company saw the first of what's likely to be a number of price-target hikes by prognosticators a day after publishing a very encouraging earnings report. This lifted the share price more than 14% on Wednesday.
The analyst raising his price target for China-based GigaCloud's stock was Matt Koranda. Well before market open, Koranda hiked his fair-value assessment on the shares to $16 apiece, up notably from his previous $13 estimate. He maintained his buy recommendation, too.
The reasoning behind the pundit's latest change on GigaCloud wasn't immediately apparent. It's surely no coincidence that it came less than 24 hours after the specialty-tech company unveiled its second-quarter results.
Source Fool.com
