VEDL - Why Vedanta Stock Soared 11% in Morning Trading Today
Shares of Vedanta (NYSE: VEDL) rose as much as 11.5% in early trading on Oct. 18. The company -- which mines for various metals, drills for oil and natural gas, generates electricity, and produces steel and aluminum -- probably isn't a household name for most U.S. investors. That's understandable, given that the $13 billion market cap conglomerate is based in India. That said, one analyst seems to like what the company has to offer.
Simply put, Vedanta's stock was upgraded by Credit Suisse . Investors tend to like upgrades, and the shares moved higher accordingly. More specifically, Credit Suisse lifted its rating from neutral to outperform. The price target, meanwhile, was boosted by a hefty 47%. That's a particularly large adjustment.
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Why Vedanta Stock Soared 11% in Morning Trading Today