Nelnet rises after analyst upgrade

Nelnet, Inc. (NYSE:NNI) is up 11% after investment bank Friedman, Billings, Ramsey & Co. upgraded the education planning and financing company to “outperform” from “market perform.” Friedman, however, reduced its target price to $13.50 from $14. In a note to investors, Friedman analyst Matt Snowling said governmental actions designed to strengthen the student lending market should benefit Nelnet. Snowling believes the stock is trading below the intrinsic value of the company.

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