Scient Corp. (Nasdaq: SCNT), which provides e-commerce services for companies such as eBay and First Union, was a huge winner on Wall Street on Monday, a day when most Internet stocks were losers. Shares of Scient soared more than 22 percent, climbing 11-11/16 to 63-11/16.
Morgan Stanley, which was the lead underwriter of Scient’s May initial public offering, upgraded Scient from neutral to outperform. Meanwhile, Thomas Weisel Partners, which was a co-manager for the IPO, gave Scient a buy rating. All things considered, Scient’s one-day rise is a bit surprising. After all, neither of the two firms gave Scient a strong buy rating. In addition, Scient has already climbed past Morgan Stanley’s price target of $60, which isn’t all that bullish for a stock that closed Friday at 52.