NEW YORK (TheStreet) -- Shares of CalAtlantic (CAA) are up by 1.45% to $34.23 on Friday afternoon, as Raymond James upgraded the stock to "outperform" from "market perform," maintaining its $39 price target.

The firm's upgrade came after the company reported 2016 first quarter results that showed management from Standard Pacific and Ryland Group, who merged in October to form CalAtlantic, have been progressing "better than expected," Benzinga reports.

CalAtlantic reported first quarter earnings of 52 cents per share on $1.19 billion revenue, missing estimated earnings of 53 cents per share on revenue of $1.21 billion.

The Irvine, CA-based home-building and financial services company is a diversified builder of single-family attached and detached homes.

Separately, TheStreet Ratings rated CalAtlantic as a "hold" with a score of C.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.

TheStreet Recommends

Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income and attractive valuation levels. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including disappointing return on equity, poor profit margins and a generally disappointing performance in the stock itself.

Highlights from the analysis by TheStreet Ratings Team goes as follows:

You can view the full analysis from the report here: CAA

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