High Speed Access Corp. (Nasdaq: HSAC) got a nice boost Wednesday after Banc of America Securities started coverage of the stock with a "buy" recommendation and set a 12-month price target of $32 a share.
Its shares moved up 15/16, or 5 percent, to 21 1/2.
Analyst Doug Shapiro said the company will benefit from accelerating cable modem penetration as well as strong sponsorship from the likes of Paul Allen's Vulcan Ventures, Microsoft Corp. (Nasdaq: MSFT) and Cisco Systems Inc. (Nasdaq: CSCO).
Last quarter, High Speed Access posted a loss of $14.3 million, or 26 cents a share, on sales of $1 million, up from a loss of $11.1 million, or $1.79 a share, on sales of $100,000 in the year-ago quarter.
Its share moved up to an all-time high of 49 3/16 in July after falling to a low of 15 in June.
All five analysts covering the stock rate it either a "buy" or "strong buy."
First Call consensus expects High Speed Access to lose 40 cents a share in its fourth quarter and $1.27 a share in the fiscal year.