Analyst upgraded the stock last week raising the price target from $6.50 to $8.
Now that his firm has 5 million new shares out the door and on the street, it is time to raise that price target again. Those targets are usually pretty short term targets anyhow. At the time, I thought his target of $8 was pretty lame, but I didn't know then that his firm would be running the offering. If he knew how easy it would be to move 5 million shares, he probably would have set his target price higher.
Lets see how long it takes him to raise his new target to $12.
Yeah, the $8 doesn't make much sense. Either needs to raise his target or cut his rating and not likely he will do the latter. Might wait to make sure the stock holds around this level before raising the target