Priority Technology price target raised to $16 from $13 at B. Riley

B. Riley analyst Hal Goetsch raised the firm’s price target on Priority Technology (PRTH) to $16 from $13 and keeps a Buy rating on the shares. Priority Technology has redeemed all of its preferred stock, using proceeds from its existing term loan facility that has a much lower cost of funds, the analyst tells investors in a research note. The firm believes this is a key catalyst to allow further equity re-rating to continue.