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.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PRTH:
- Priority Technology 9.1M share Spot Secondary priced at $7.75
- Priority announces offering of 9.16M shares of common stock for holders
- Priority Technology Holdings Announces Stock Offering and Q4 Estimates
- Six new option listings and two option delistings on December 18th
- Priority Technology files $100M mixed securities shelf