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Why Micro Focus Stock Jumped on Tuesday

TheMotleyFool

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Why Micro Focus Stock Jumped on TuesdayPhoto, wide shot, wide-angle lens, Data analytics provider, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/d1295d04-cceb-4f1c-be2b-32ca46621336.png

Shares of enterprise software company Micro Focus (NYSE: MFGP) jumped on Tuesday, following an analyst's move to upgrade his rating on the stock. Shares of the stock increased as much as 12.6% but were up 11.7% as of this writing.

Jefferies analyst Charles Brennan upgraded his rating on the stock from hold to buy, noting that organizations' digital transformations are not decelerating, leading to significant investment around the world in enterprise software. The analyst pointed out Gartner's recent bullish forecast for double-digit annualized growth in global software sales throughout 2025.

Image source: Getty Images.

Source Fool.com

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