Shares of Olo Inc. (OLO) are soaring 5.09% in pre-market trading on Friday, following a positive analyst update from RBC Capital. The digital ordering and delivery platform for the restaurant industry is seeing increased investor interest after the investment bank raised its price target on the stock.
RBC Capital analyst Matthew Hedberg maintained a Buy rating on Olo while significantly increasing the price target from $8 to $10. The upgrade comes after the company reportedly delivered strong performance, although specific details were not provided in the available news. This bullish stance from a top analyst appears to be driving the stock's upward movement.
The positive sentiment is not limited to RBC Capital. According to analysts polled by FactSet, Olo currently has an average rating of overweight, with a mean price target of $9.20. This consensus view suggests that other market watchers also see potential upside for the stock, further supporting today's price surge.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.