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NEW YORK - THQ Inc. shares jumped Monday after a Piper Jaffray analyst upgraded the video game publisher to "Buy" from "Neutral," mainly due to the stock's valuation.
| THQI | 5.19 |  0.34 |
THQ shares rose 62 cents, or 6.5 percent, to $10.23.
Since the beginning of the year, THQ shares have fallen about 64 percent, closing at $9.61 on Friday.
In a note to clients, Piper analyst Anthony N. Gikas said the stock's valuation "has become more attractive."
However, Gikas decreased his fiscal 2009 earnings-per-share estimate to 60 cents from 75 cents, citing risk from new intellectual properties. He also cut his price target for the shares to $14 from $17 on expectations of lower revenue, margins and earnings per share.
"Although the product line is struggling, the company has an experienced management team that we believe will prevail over the longer term. As broad market conditions stabilize, we expect shares of THQ could rebound materially and in short order," he said.
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