Priority Technology upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded Priority Technology (PRTH) to Outperform from Market Perform with a price target of $14, up from $10. The secondary stock offering Wednesday brought the stock down 16%, but the transaction is an effective way to improve Priority’s low stock liquidity and broaden the investor base by freeing shares from non-long term private equity shareholders, the analyst tells investors in a research note. The firm says “many key investor concerns that historically plagued the stock’s valuation have now been resolved.” Priority Technology’s growth outlook is also more attractive than most its peers, adds Keefe.