PairGain Stock Rises With Improved Rating

Shares of PairGain Technologies Inc. rose after Lehman Brothers Inc. upgraded the stock Friday from neutral to outperform. Analyst Tim Luke raised earnings estimates for the maker of digital telecommunications products to 78 cents a share from 76 cents for fiscal 1997 and increased his fiscal 1998 estimate to $1.03 a share from $1.00. PairGain shares rose $4.125, or 15.6%, to $30.50 per share.