Why Vedanta Stock Soared 11% in Morning Trading Today
Shares of Vedanta (NYSE: VEDL) rose as much as 11.5% in early trading on Oct. 18. The company -- which mines for various metals, drills for oil and natural gas, generates electricity, and produces steel and aluminum -- probably isn't a household name for most U.S. investors. That's understandable, given that the $13 billion market cap conglomerate is based in India. That said, one analyst seems to like what the company has to offer.
Simply put, Vedanta's stock was upgraded by Credit Suisse. Investors tend to like upgrades, and the shares moved higher accordingly. More specifically, Credit Suisse lifted its rating from neutral to outperform. The price target, meanwhile, was boosted by a hefty 47%. That's a particularly large adjustment.
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Source Fool.com