Shares of East West Bancorp Inc., the Pasadena holding company for East West Bank, jumped Thursday after an analyst raised his rating on the stock.

Joseph Gladue at B. Riley & Co. moved East West to the “neutral” category in a note to investors. Previously, he gave the stock a “sell” rating.

Gladue set a 12-month price target of $7 per share a level that the stock surpassed during its first trading day after his report.

On Thursday, shares of East West increased 35 cents, or 5 percent, to close at $7.13.

East West has seen the value of its stock decline more than 50 percent this year as a result of losses stemming from souring real estate loans and the recession.