Recommend buying ARBA - Multi-year Breakout on great volume - Analyst Upgrade
Ariba shares jump as RBC upgrades on performance
Monday May 19, 2:58 pm ET
Ariba shares jump as RBC Capital upgrades to "Outperform" on strong performance
NEW YORK (AP) -- Shares of business software company Ariba Inc. jumped Monday after RBC Capital Markets analyst Robert Breza upgraded the company to "Outperform" from "Market Perform" and said it is likely to beat Wall Street estimates in fiscal 2009.
Breza said the company's share price is likely to rise as it continues to execute well.
As investors begin to look forward to fiscal 2009 results in September, they will likely see an upside to Wall Street estimates of 67 cents per share, Breza said, adding that final result could be closer to RBC's estimate of 77 cents per share.
Ariba sells software that helps manage a company's supply chain.
Shares of the Sunnyvale, Calif.-based company rose 97 cents or 7.6 percent to $13.69 in afternoon trading. They earlier rose to a year high of $14.10. They have traded in the last year between $8.26 and $13.32.
$13.39 (05/20/08)
