PLT - Plantronics shares soar after former bear more than doubles price target

Saying the company's operational issues are "beginning to be corrected," Morgan Stanley upgrades Plantronics (PLT) from Underweight to Equal Weight and raises the price target from $15 to $31.Analyst Meta Marshall notes that the operational issues caused serious underperformance early last year, and the correction creates "less concerns around leverage overhang."But the firm remains on the sidelines if the company becomes better positioned to regain market share. Right now, Marshall is concerned about the competitive landscape and remote work durability.Plantronics shares are up 24.7% to $43.82.Yesterday, Plantronics reported fiscal Q3 beats and an upside outlook, which showed that the turnaround is underway.

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Plantronics shares soar after former bear more than doubles price target