Twitter surges after being added to the S&P 500 (TWTR)

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Shares of Twitter gained more than 4% in early trading Tuesday after S&P Global announced the social-media company will replace Monsanto in the S&P 500 index. Monsanto’s merger with Bayer was approved by the US Justice Department last week.

Twitter’s overnight gains continue a red-hot streak that began with the social network’s strong first-quarter earnings report in April. Since then, the stock has gained 24% and now sits at its highest price since March 2015.

Earlier this year, tech analyst Brent Thill of Jefferies said Twitter was on the “road to recovery” as daily active users and revenue continue to see healthy growth.

Wall Street on the whole, however, remains cautious about the stock, giving shares an average $30 target price — roughly 30% below where the stock was set to open Tuesday.