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Upgrade helps Digital Impact snap out of free fall

Internet marketing firm Digital Impact moved up 1 5/16, or 14 percent, to 10 7/16 Monday after CS First Boston upgraded the stock to a "strong buy" recommendation.

CS First Boston analyst Lise Buyer wasn't immediately available to comment on her upgrade Monday, but judging from the dramatic slump in Digital Impact shares of late it's most likely an upgrade based on valuation.

Following its successful initial public offering in November, Digital Impact (Nasdaq: DIGI) shares moved as high as 65 in December.

The stock was trading in the 40s in early March before falling off the table, hitting an all-time low of 8 3/4 last week.

In its latest quarter, Digital Impact posted a loss of $3.2 million, or 15 cents a share, on sales of $4 million.

In the year-ago quarter, it lost $440,000, or 5 cents a share, on sales of $396,000.

Analysts are expecting the San Mateo, Calif. company to lose 39 cents a share in its fourth quarter and $1.21 a share in the fiscal year.

All four analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.