The upgrade is based on a valuation call ahead of the company's 2015 fourth quarter financial results, which are due out tentatively before the market open on February 23.
The firm has forecast for a 13.4% year over year rise in revenue for the most recent quarter, slightly above the consensus estimate, which calls for a 13.1% growth.
Credit Suisse is waiting on the outcome of the technology company's strategic review. Lexmark is considering a split, among other options in its review. The firm is taking note of the company's printing business versus its software business.
Lexmark's printing unit contributes about 80% of revenues and more than three times as much to operating income as the software segment, Credit Suisse said.
Lexmark International is a developer, manufacturer and supplier of printing, imaging, device management, managed print services, document workflow and business process and content management solutions.
The company's stock closed at $28.68 on Wednesday afternoon.
Separately, TheStreet Ratings has set a "hold" rating and a score of C on Lexmark International stock. The primary factors that have impacted the 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.
Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, TheStreet Ratings also finds weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. 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.
You can view the full analysis from the report here: LXK