UPDATE: Stifel Nicolaus Upgrades Hercules Technology to Buy

Stifel Nicolaus raises its rating on Hercules Technology (NASDAQ: HTGC) and establishes a price target of $11.50 on good credit quality and equity raise.

Stifel Nicolaus says, "We are upgrading HTGC to Buy with an $11.50 price target. We believe the combination of excellent historical credit quality in the venture capital (VC) lending, ample dry powder following the recent equity raise, our expectations for increasing dividends in the next few quarters and a total return of 25% is an attractive opportunity for investors."

HTGC closed at $9.94 a share.