Priority Technology price target raised to $15 from $12 at Alliance Global

Alliance Global Partners raised the firm’s price target on Priority Technology (PRTH) to $15 from $12 and keeps a Buy rating on the shares. The company redeemed the remaining $113M of its preferred stock and unpaid dividends, with the $115M of debt from its existing term loan due May 2031, the analyst tells investors in a research note. The firm says the move reduces dilution and lowers the cash portion of Priority’s interest rate by 25 basis points. Alliance believes management is taking the appropriate steps to simply the balance sheet and de-lever.