Shares in web design and consulting firm Razorfish Inc jumped as much as 31% Monday after the stock was upgraded by a Lehman Brothers analyst. The shares – which the bank raised to buy from outperform – traded as high as $40.375 before closing up $6.75, or 22%, at $37.625. Total volume for the day was 2.28 million shares, nearly 13 times its daily average.
In a report, Lehman Brothers analyst Karl Keirstead said the company could post revenue for the current quarter as much as 30% above expectations. Instead of a projected $13m, sales could actually be closer to $16m or $17m for the quarter. Keirstead has set a one-year target price of $48 for Razorfish stock.
