UPDATE: Jefferies Upgrades Vantiv to Buy on Improved Risk/Reward

Jefferies raised its rating on Vantiv

from Hold to Buy with an unchanged $24 price target. Jefferies commented, "We upgrade VNTV to Buy from Hold for 3 reasons: 1) fundamentals (growth and margins) remain solid, and the Litle acquisition makes sense strategically and financially, 2) big lock-up expiration yesterday is an overhang but near-term secondaries seem unlikely at current price, and ultimately these transactions will boost float, 3) relative valuation looks much more attractive. Our estimates and price target are unchanged." Vantiv closed at $20.15 on Monday.