Art Technology shares advance after Roth upgrades

Shares of Art Technology Group traded higher on Friday after a Roth Capital Partners analyst upgraded the e-commerce software maker to "Buy," saying the stock is attractively priced following a steep decline.

Nathan Schneiderman, who previously rated Art Technology at "Hold," called the stock "a bargain for a profitable, growing company." He said demand for its products is robust and is likely to grow even further as spending activity continues migrating to the Web.

"While the consumer is admittedly stretched," Schneiderman wrote in a note to investors, "more and more of their spending and activity is shifting online, driving increasing business investment."

The analyst noted shares have declined significantly in recent months, which makes for an attractive entry point. The stock is off 38 percent from a 52-week high of $4.83 in late December.

Shares of Art Technology advanced 19 cents, or 6.4 percent to $3.17 in early afternoon trading.

Schneiderman maintained his $4 price target, which implies an expected return of 34 percent over Thursday's close of $2.98. He left his earnings estimates unchanged.