Analyst upgrades typically lead to a positive short-term price movement as they reflect a positive change in the analyst's view of the company's future performance. The upgrade from Market Perform to Outperform suggests that Raymond James believes HBT Financial will outperform the market or its sector, potentially leading to increased investor interest and a rise in stock price. The setting of a $23 price target further quantifies the expected upside, providing a specific goal that may attract additional buying activity.