UPDATE: Credit Suisse Upgrades Nelnet to Outperform on Solid Q3 Results

Credit Suisse raised its rating on Nelnet

from Neutral to Outperform and increased its price target from $29 to $33. Credit Suisse noted, "After 3Q results, we upgrade Nelnet to Outperform (from Neutral) and raise our target price from $29 to $33. The increase in our TP is driven by additional value of $3/shr from FFELP portfolio acquisitions and securitizations and $1/shr from 2013-based valuation of fee and servicing businesses. This valuation is supported by more active capital management, as NNI has declared a $1/share special dividend for 4Q." Nelnet closed at $24.78 on Friday.