
NEW YORK (AP) -- Shares of Digital River got a boost ahead of regular trading Friday on news of a new contract with Microsoft Corp. and an upgrade from at least one analyst.
Digital River, which provides technology and services for companies that sell products online, has been looking to fill a gap in its business left by the loss of a key customer, Symantec Corp.
It disclosed an expanded deal with Microsoft in a securities filing this week, although it has not provided more details.
Since then, the company's stock has climbed nearly 14 percent, closing at $30.02 on Thursday. It rose 98 cents, or 3.3 percent, to $31 in premarket trading Friday morning.
Wedbush analyst Kerry Rice said the Microsoft deal and another contract announced during the second quarter should close most of an estimated gap of $110 million in annual revenue left by Symantec, an antivirus software maker.
Rice lifted Digital River Inc. to "Outperform" from "Neutral" and raised his target price for shares to $36 from $28.
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