Why GDS Holdings Stock Zoomed Higher Today

News of a significant price-target boost from an analyst tracking GDS Holdings (NASDAQ: GDS) was the main catalyst behind the stock's jump on Monday. It rose by more than 7% that day on the move, a far greater rise than the 0.6% posted by the bellwether S 500 index.

On Monday morning, TD Cowen's Michael Elias upped his price target on GDS Holdings to $39 per share, well above his previous $27 estimation. In doing so, he maintained his buy recommendation on the data center stock.

Elias, according to reports, made his move after updating his model on GDS' projected performance. The update incorporates the figures from the company's third-quarter earnings report, which was published last November.

Source Fool.com