Volcom stock rode a strong 2% up-swing today on Wall Street before closing at nearly 1% higher than price at the opening bell. The Orange County-based company had received better than expected feedback from retailers, allowing at least one analyst to boost his rating of the company.
Even on a day of trading when the majority of indexes saw slides averaging about 1.5% due to housing and banking concerns, the retailer news was strong enough for the company to overcome the surrounding market conditions.
Ohio equity research firm, Longbow Research, saw their analyst Jonathan Grassi up his rating of Volcom from a “neutral” to a “buy.” Grassi backed this change citing price of the stock should reach $25.
Shares of Volcom closed at nearly $20 on Tuesday evening.