UPDATE: Macquarie Upgrades Dynegy to Neutral

In a report issued Tuesday, analysts at Macquarie upgraded Dynergy

from a rating of Underperform to Neutral. The firm's Angie Storozynski set a 12-month target price of $35. Storozynski said she believes "synergies associated with DYN's ongoing M&A pursuits could support future earnings.” This upside is reflected within the the target price projected by Macquarie. With Dynegy shares down around 1.6 percent to $31.89 at last check, the firm's price target represents potential upside of about 10 percent.