Why TAL Education Group Stock Blasted Higher Today
The trading week started out very well for the rather volatile Chinese stock TAL Education Group (NYSE: TAL). The company's shares zoomed nearly 8% higher on the day, following a pair of recommendation upgrades from two different analysts.
Bank of America (NYSE: BAC) analyst Lucy Yu ticked up her recommendation on TAL to neutral from the previous underperform (sell, in other words). Yu also made an upward adjustment to her price target on the stock; it is now $4.70 per share (previously $4.30).
The prognosticator was pleasantly surprised by TAL's second quarter of fiscal 2023 results, which were published last Friday, and in her opinion, were "solid." This, despite the fact that the company's revenue dived to just over $294 million from over $1.4 billion in the same quarter of fiscal 2022.
Source Fool.com
