UPDATE: Raymond James Upgrades Gain Capital Holdings to Outperform, Names $14 PT as Outlook Has Greatly Improved

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

from Market Perform to Outperform, and named a $14.00 price target. In the report, Raymond James noted, “We are upgrading shares of GAIN Capital to Outperform from Market Perform and establishing a $14 target price after a convertible bond issuance resulted in a nearly 20% drop in the firm's share price. In our view, GAIN's outlook has greatly improved over the past year, highlighted by institutional market share gains, acquisition-driven accretion, and the hiring of a permanent CEO, and last week's sell-off creates an attractive entry point.” Gain Capital Holdings closed on Friday at $8.86.