NEW YORK (AP) — Shares of WageWorks Inc. rose more than 6 percent Monday, after a trio of analysts on Monday initiated coverage of its stock with top ratings, pointing to the company's strong business model and significant growth prospects.
THE SPARK: Stifel Nicolas analyst initiated coverage with a "Buy" rating, while David Scharf of JPM Securities rated the stock at "Market Outperform" and William Blair's Robert Napoli gave it an "Outperform" rating.
All three of the analysts work for investment banks that, along with Needham & Co., were the lead underwriters of the San Mateo, Calif.-based company's initial public offering earlier this month.
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