Shares of Volcom Inc. regained a little past glory on Monday as shares of the surfwear maker surged 9% on an upgrade from Wachovia Securities.
The showing was the best in weeks for Volcom, which went public in a blockbuster public offering in late June but has been in decline on Wall Street since August.
The Costa Mesa-based company counts a market value of $665 million.
Wachovia, which was the lead underwriter on the Volcom stock offering, lifted its rating on Volcom to “outperform” from “market perform.” The investment bank cited the recent pullback in Volcom shares and positive “channel checks,” or inquiries with stores that sell Volcom shares.
