Irvine-based professional services company Resources Connection Inc. saw its shares higher Monday after analysts at Barclays Capital upgraded the stock.
Shares of Resources Connection closed up more than 5% to a market value of nearly $890 million.
Barclays analysts upgraded their rating on Resources Connection’s shares from “equal weight” to “overweight,” suggesting clients should buy the stock or add to their holdings.
Earlier this month, the analysts upped their price target from $18 to $21 for Resources Connection’s shares, which closed at $19.29 on Monday.
The upgrade seemed to spur buying of Resources Connection, with some 260,000 shares trading hands Monday, or nearly 30% more than on Friday.
Resources Connection provides accountants, lawyers and other professionals to companies on a project basis.
The company is seen as a barometer of the health of big corporations.
The folks at stock website Motley Fool were less in impressed.
“Barclays may be turning bullish, but I am going to leave today’s move alone,” Travis Hoium wrote on the site.
Other analysts have been lowering expectations for the company’s current quarter through February, said Hoium, who doesn’t own shares in Resources Connection.
“The company isn’t wildly outperforming expectations,” he said.
