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.