UPDATE: Credit Suisse Upgrades Calamos Asset Management to Neutral

Credit Suisse raises its rating on Calamos Asset Management CLMS to Neutral and raises its price target to $14 from $13 as it believes the company's excess capital is not embedded into its market valuation. Credit Suisse says, "CLMS trades at 9.1x CY '13 EPS on its excess capital adjusted price vs. peers at 13.1x on the same metric (~28% of CLMS's market cap). However, mgmt may be slow to deploy excess capital due to its more conservative capital management philosophy post the '08 crisis (and provide cushion for debt covenants). Recall, our 2008 downgrade of CLMS was focused on lack of excess capital and risk to bond covenants, and we remained underperform due to higher risk from weak investor appetite for active equities." CLMS closed at $12.52 a share yesterday.