On Wednesday the Superloop Ltd (ASX: SLC) share price finished the day 3% higher to $2.50.
This brought its week-to-date return to over 9%.
Why are its shares higher?
On Monday Superloop announced that it has entered into an agreement to acquire fixed wireless internet service provider NuSkope for $7 million in cash and $3 million in Superloop shares.
As well as receiving a positive reaction from the market, Superloop's shares were given an additional boost from a positive broker note.
This morning Morgans released a note which revealed that its analysts have upgraded its shares to an add rating and increased their price target to $2.81.
Morgans appears pleased by its strong sales in Singapore and the expansion of its Australian business.
The leading broker's price target implies potential upside of 12% from the current share price.