UPDATE: Credit Suisse Upgrades ACCO Brands to Outperform

Credit Suisse raises its rating on ACCO Brands

to Outperform from Neutral and raises its price target to $17 from $12 as it sees the company' story switching from recovery to growth. Credit Suisse says, "While the MWV transaction is expected to be financially accretive out of the box on cost synergies, the real upside is the potentially significant revenue synergies in faster growing markets and through cross-selling.ƒ Based on our meetings with management last week in Chicago, the prospects for success are high. Consider that ABD, through MWV, will have access to an established base of 9,000 distributors in Brazil, a rapidly growing market with high barriers to entry. ABD's growth potential there and in existing markets changes the complexion of this model, which along with an estimated 13% FCF yield makes the stock attractive in our view." ABD closed at $12.50 a share on Wednesday.