Shares in Guess Inc. closed up more than 8 percent Wednesday after analyst Jeffrey Klinefelter, at Piper Jaffray Cos., said the stock was now a bargain.

Klinefelter upped his rating for the Los Angeles-based retailer to a “buy,” saying a recent decline in share price has made the company attractive. Guess also said late Wednesday that it will report its thrid-quarter earnings Dec. 4.

Shares in Guess closed up 8.1 percent, or $3.36, to $44.87 in trading Wednesday on the New York Stock Exchange. Shares in Guess have gained 28 percent so far this year.