Shares of Excelerate Energy, Inc. (EE) surged 5.19% on Friday, November 11, 2024, after Northland Capital Markets analyst Bobby Brooks raised the firm's price target on the stock to $29 from $25, while maintaining an "Outperform" rating.

The analyst's bullish outlook and higher price target appear to have driven investors' enthusiasm, fueling the stock's sharp rally. When a respected research firm like Northland Capital Markets expresses confidence in a company's prospects and raises its valuation estimates, it often serves as a positive catalyst for the stock.

While the specific reasons behind the price target increase were not disclosed, analysts typically revise their targets based on factors such as improved financial performance, favorable industry trends, or positive developments related to the company's business operations or growth prospects.