LPSN - Why LivePerson Stock Blasted 19% Higher Today
Investors were really dialed in to consumer relations tech specialist LivePerson (NASDAQ: LPSN) at the end of the week. On Friday, the company's share price leaped more than 19% higher, largely on the back of an analyst upgrade. That performance trounced even the frothy S&P 500 index, which rose by 1.6%.
The analyst going on a bull run was Craig-Hallum's Jeff Van Rhee, who changed his recommendation on LivePerson stock to buy from his previous hold. His price target on the shares was raised to $15 apiece, which if reached would mean a 30% improvement over the current level.
Van Rhee's new take on LivePerson is due to what he considers to be a significant overreaction to the news that the specialized tech company's latest set of earnings would be delayed. On Tuesday, it announced that it is rescheduling its fourth-quarter 2022 release. This is due to the longer-than-expected time needed to file its 2022 annual report in the form of a mandated 10-K regulatory document.
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Why LivePerson Stock Blasted 19% Higher Today