VNET Group (VNET) stock is soaring in pre-market trading on Monday, jumping 9.77% following a positive adjustment in its target price by Jefferies. The investment bank has raised its target price for VNET Group to $27.22 from the previous $25.13, signaling increased confidence in the company's future performance.

The significant boost in the target price represents an approximately 8.3% increase from Jefferies' previous valuation. This upward revision suggests that analysts at Jefferies see potential for further growth in VNET Group's business operations and market position. The higher target price could attract more investor interest and contribute to the stock's notable pre-market rally.

VNET Group, a leading carrier- and cloud-neutral Internet data center services provider in China, has been gaining attention in the rapidly growing data center and cloud services market. While specific reasons for Jefferies' increased optimism were not provided in the brief news update, it's possible that factors such as expanding market opportunities, improved financial performance, or positive industry trends may have influenced this decision. Investors are advised to monitor for any additional analyst comments or company announcements that might provide further insight into this price target adjustment and its implications for VNET Group's future prospects.