Shares of Aspect Development Inc. (Nasdaq: ASDV) shot up 15/16, or 7 percent, to 14 15/16 Monday after Dain Rauscher upgraded the stock from a "neutral" recommendation to "buy aggressive."
Analyst Bill Lanzon said he upgraded the software developer because "we feel more comfortable with their business."
However, Lanzon refused to offer any specific reasons or explanations for the upgrade.
Aspect Development shares have fallen on hard times so far in 1999. After peaking at 45 in December, a first-quarter profit warning sent the stock on a gradual but sustained decline to a low of 6 1/4 in April.
Right about the time the stock hit bottom, Aspect decided to spend $25 million to repurchase a bunch of stock on the cheap.
First Call consensus expects Aspect Development to earn 1 cent a share in its second quarter and 15 cents a share in the fiscal year.
Last quarter, it lost 6 cents a share.
Seven of the 11 analysts following the stock rate it a "hold."
Aspect Development makes client/server software and content products that enable manufacturers to improve product development and business processes through component and supplier management.