Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of professional service company Resources Connection
So what: Barclays Capital turned bullish on the company, upgrading it from equal weight to overweight. Earlier this month, Barclays increased its price on the stock from $18 to $21, so this continues a bullish view of the stock.
Now what: I'm always a little leery of analyst upgrades, and this one is no different. Resources Connection only beat estimates by a penny last quarter and analysts have been lowering expectations for the current quarter. The company isn't wildly outperforming expectations, and a forward P/E ratio of 28 doesn't leave it in value territory either. Barclays may be turning bullish, but I am going to leave today's move alone.
Interested in more info on Resource Connection? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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