UPDATE: Oppenheimer Upgrades Prestige Brands Holdings to Outperform; Balance Sheet Deleveraging

Oppenheimer raises its rating on Prestige Brands Holdings

from Perform to Outperform and announces its price target at $17. Oppenheimer notes, "We are upgrading Prestige Brands to Outperform based on our belief that the company is about to embark on a meaningful balance sheet deleveraging process which, along with a portfolio now heavily weighted toward the OTC healthcare segment, should lead to healthy and sustainable growth and multiple expansion." PBH closed at $13.70 on Thursday.