We got an upgrade Appen's 2Q update shows there is life for the...

We got an upgrade

Appen's 2Q update shows there is life for the data-annotation provider following the loss of its key contract with Google, Canaccord Genuity analysts write in a note. They see enough in the update to raise their recommendation on the stock to speculative buy from hold, highlighting a recovery in revenues toward the end of the quarter. They tell clients in a note that gross margins remained stable across the June quarter, which was Appen's first without Google as a customer. While still keeping an eye on cost reductions, they raise their price target by 33% to A$0.80. Shares are up 20% at A$0.805, putting them 83% higher so far this week. ([email protected])