NEW YORK (TheStreet) -- Inteliquent (IQNT) soared after receiving a confidence boost from Raymond James and as the company introduces a new face to its executive team. By early afternoon, shares had jumped 21.1% to $12.79, reaching their highest point since October last year.
Earlier, Raymond James upgraded the voice and data IT firm to "outperform" from "market perform" with a price target of $12.
Also, the Chicago-based business announced it had appointed Kurt Abkemeier as Chief Financial Officer and Executive Vice President, replacing interim financial officer Eric Carlson. Abkemeier previously held the roles of Vice President of Finance and Treasurer of Cbeyond and Director of Finance at AirGate PCS.
"Today's competitive market requires a CFO with a superior understanding of the telecommunications industry, as well as the seasoned financial and strategic planning experience that makes Kurt particularly well suited to join our team," said CEO Ed Evans in a statement.
TheStreet Ratings team rates INTELIQUENT INC as a Hold with a ratings score of C-. The team has this to say about their recommendation:
"We rate INTELIQUENT INC (IQNT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."