Digital River (DRIV) Jumps On Upgrade, M&A

Shares of Internet software provider Digital River Inc. (Nasdaq: DRIV) are soaring higher today after Credit Suisse ungraded the stock to Outperform from Neutral and raised its price target to $44. At noon, shares are up over 9% to $35.54.

The firm cited a re-acceleration of year-over-year revenue growth for the second half of 2009 and 2010 and EPS re-acceleration beginning in the December '09 quarter. The firm also sees upside to near-term consensus estimates.

In addition to the Credit Suisse upgrade, Digital River is benefiting today from Adobe's (Nasdaq: ADBE) acquisition of Omniture Inc. (Nasdaq: OMTR), announced after the close.

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