SolarEdge Technologies Inc.'s stock soared over 5% in the pre-market trading on Friday, following Wells Fargo's decision to raise its price target on the company's shares from $15 to $20, while maintaining an Equal Weight rating.

The surge in SolarEdge's stock price can be attributed to the increased optimism from Wells Fargo analyst Michael Blum, who cited a higher sales forecast for the company's residential solar business as the primary reason for the raised price target.

Blum noted that SolarEdge's strong position in the residential solar market, combined with the company's strategic partnerships and technological advancements, have contributed to the improved outlook for its financial performance.