Arqit Quantum Inc. (ARQQ) saw its stock surge 7.32% in the pre-market session on Tuesday, following an analyst's significant price target increase on the cybersecurity company.
H.C. Wainwright raised its price target on ARQQ to $52 from $27, while reiterating a Buy rating on the stock. The new $52 price target represents a substantial upside from the company's current trading levels.
The analyst's move appears to have sparked renewed investor interest in Arqit Quantum, driving the substantial pre-market rally. The company's quantum encryption technology has garnered attention in the cybersecurity space, and the higher price target suggests the analyst firm sees significant growth potential.
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