Shares of Peregrine Systems ( PRGN) jumped Tuesday after Deutsche Banc Alex. Brown upgraded the software maker's rating to strong buy. Shares of Peregrine, which makes software to help companies manage resources, closed up $1.63, to $8.52, a rise of 23.66%. Deutsche Banc analyst Tim Dolan upgraded the San Diego-based company's stock from buy to strong buy, saying he believes Peregrine's business bottomed out in the current quarter. He also noted that the top executives have bought the company's stock in recent weeks. Deutsche Banc has acted as a financial adviser to Peregrine during an acquisition.
"We have yet to encounter a single field check focused on the core U.S. operations that has come back negative," Dolan said in a research note. He said he expects European operations to improve in 2002. Before Peregrine missed targets for its third quarter ended Dec. 31, a disgruntled former employee leaked the information on a Yahoo! message board. The ex-employee was later arrested and faced felony charges.