Markets & Finance

First Albany Upgrades Callwave


First Albany upgrades Callwave Inc. (CALL) to strong buy from buy.

Analyst Frank Marsala thinks the stock's share price has been sliding lately, due to concerns about the company's upcoming lock-up expiration.

He believes a high proportion (about 75%) of shares are held by individuals are in for the long haul. Therefore, he thinks there is a low probability those shares will be sold at that time, especially at the current price.

This leaves about 2 million shares that would have a higher probability of being sold, although he doesn't think the current share price is particularly compelling. He thinks the sell-off created an attractive entry point with little downside risk. Marsala has a $12.50 target.


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