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Canaccord hiked its rating on Renewable Energy (REGI) on Friday, citing compelling risk reward. The firm raised its price target on Renewable Energy to $16 from $11 as well.

Renewable Energy is an Iowa-based company that is focused on providing cleaner, lower carbon intensity products and services.

The stock was gaining by 11.82% to $11.35 on Friday afternoon following the upgrade. Shares were also getting a boost as Renewable Energy posted a smaller than expected first quarter loss after the market close on Thursday.