NEW YORK (
) -- Playboy shares are climbing today after Caris analyst David Miller upgraded his outlook on the company, raising his price target to $6.50 from $5.
Miller upgraded the company to above average from average as he believes Playboy founder Hugh Hefner has the necessary funds to take the company private.
Hefner, who founded Playboy in 1957,
proposed to acquire the company
at $5.50 a share in July.
Miller believes Hefner is capable of paying $6.50 per share, which would be about a 24% premium over the current trading price of around $5.25. The $6.50 offer would be about a 7% premium over the stock's 52-week high of $6.10.
Playboy shares are up about 1.75% to $5.25 today.
shares are gaining more than 7.2% today. The China-based online video company
debuted on the New York Stock Exchange on Dec. 8
with an initial public offering price of $12.80.
The stock surged to its 52-week high of $50 on Dec. 10, in its third day of trading on the NYSE.
Today, shares are up about 7.2% to around $34.95.
-- Written by Theresa McCabe in Boston.
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