Syniverse jumps on upgrade

Syniverse Holdings, Inc. (NYSE: SVR) stock rose 5.68% Monday as a major investment company upgraded its rating from a hold to a buy. Syniverse closed at $19.53 per share for the day after posting a 52-week high of $20.27 during trading.

The increase is likely attributed to a ratings upgrade issued Monday by Jefferies & Company, Inc. “Syniverse is a direct play on economic recovery and the growth of data traffic,” Katherine Egbert, an analyst with Jefferies, says in her report.

Jefferies also raised its price target for Syniverse stock from $16 to $22.