Shares of Irvine-based Resources Connection Inc., a provider of accountants, lawyers and other professionals to companies on a project basis, jumped Friday after an analyst upgrade.
The stock was up more than 6% near the close of trading on a market value of $890 million.
Before the start of trading, a Bank of America Merrill Lynch analyst raised his rating on stock to “buy” from “underperform.”
Next week, Resources is set to release financial results for the three months through February.
In January, the company surprised Wall Street with a loss and lower sales for the three months through November.
The company’s business has been hit by corporate retrenching, which has cut projects and the need for outside consultants.
Many expect the company to benefit from an economic rebound as companies tap consultants before making full-time hires.
For the recently ended quarter, analysts expect Resources to post a loss of $928,000, versus a profit a year earlier.
Revenue is forecast to come in at $127million, down 19% from a year earlier.
