UPDATE: Evercore Upgrades Republic Airways to Overweight

Evercore is out with its report today on Republic Airways (NASDAQ: RJET), upgrading RJET from Equal-weight to Overweight.

In a note to clients, Evercore writes, "Our rating on Republic Airways Holdings is raised to Overweight from Equal-Weight and our target is increased to $9.00 based on 10x our revised 2012 estimate. While RJET is a high risk idea given a balance sheet that provides limited margin for error, we see compelling risk-reward and extreme pessimism priced into the stock here."

Shares of RJET closed Friday at $4.66, down 0.21% from Thursday's close.