Stock in Irvine’s NEC Zooms 28% After Analyst’s Rave Notice

Shares of National Education Corp. were up sharply Friday, apparently boosted by a strong recommendation from a Florida stock analyst.

NEC’s stock was up 28%, closing at $6.25 per share, up $1.375. It was the biggest percentage gain on the New York Stock Exchange.

Bert L. Boksen, an analyst with Raymond James & Associates in St. Petersburg, Fla., issued on Friday its strongest buy rating for the Irvine-based operator of vocational and technical schools.

Boksen’s report said NEC appears to be putting its financial house in order after the company lost $29.3 million in 1989 and $14.9 million in 1990. The company’s revenue fell from $457 million in 1988 to $371.4 million last year.

Boksen predicted that cost-cutting and better prospects for some of its business units will restore the company to profitability in the second half of 1991.

He projected earnings of 20 cents a share this year and 55 cents a share in 1992; the company had a loss of 28 cents a share in 1990. He said he expects revenue to grow to $394.7 million in 1991 and $440 million in 1992, from $371.4 million in 1990.

NEC officials could not be reached for comment.