UPDATE: Stifel Upgrades FairPoint Communications to Buy, Names $14 PT as 2014 Catalysts Await

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In a report published Friday, Stifel analyst Christopher King upgraded the rating on

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FairPoint Communications

(NASDAQ: FRP) from Hold to Buy, and named a $14.00 price target.In the report, Stifel noted, “With the industry-low valuation, M&A potential, best-of-breed operating metrics, opportunity for margin expansion, and the potential to enter into a more shareholder-friendly capital structure, we believe FairPoint represents one of the more compelling total return potential stories in the U.S. telecom services industry in 2014.”FairPoint Communications closed on Thursday at $9.04.