NEW YORK (TheStreet) -- Shares of Starz (STRZA) are surging, up 3.84% to $28.83 Friday afternoon on very high trading volume, after the global media and entertainment company had its rating raised to "outperform" from "neutral" by analysts at Macquarie this morning.
Yesterday shares slumped in late-day trading on Thursday, after Bloomberg reported that the premium cable television channel could not find a buyer and billionaire John Malone, who controls Starz, was exploring alternatives to a sale.
Starz is looking at other options after several rivals elected not to bid on the company, according to Bloomberg.
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More than 3.54 million shares of Starz changed hands as of 3:14 p.m., compared to the daily average volume of 856,460.
Separately, TheStreet Ratings team rates STARZ as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate STARZ (STRZA) 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, impressive record of earnings per share growth and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and generally higher debt management risk."