UPDATE: Raymond James Upgrades KCG Following Investor Dinner

In a report published Monday, Raymond James analyst Patrick O'Shaughnessy upgraded the rating on

from Market Perform to Outperform, and named a $13.00 price target. In the report, Raymond James noted, “We are upgrading shares of KCG Holdings to Outperform from Market Perform and establishing a target price of $13. After hosting an investor dinner with KCG management last week we are more confident that legacy Getco business has stabilized in recent quarters. In addition, we are encouraged by updated cost synergy guidance that provides more certainty around improved earnings over the next several quarters.” KCG closed on Friday at $10.65.