Will This Upgrade Help Blackhawk Network (HAWK) Today? (Update)

Update (9:35 a.m.): Updated with Friday market open information.

NEW YORK (TheStreet) -- Wedbush upgraded Blackhawk Network  (HAWK) to "neutral" from "underperform" and set an $18 target price. The firm cited valuation as reason for the upgrade.

The stock was rising 1.25% to $22.69 shortly after the market opened on Friday. A day earlier, shares plummeted after the company reported fourth-quarter results and guidance that fell short of analysts' expectations and Safeway (SWY) announced that it would distribute its remaining stake in Blackhawk.

Must Read: Why Blackhawk Network (HAWK) Is Plummeting Today

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