Wedbush upgrades Diebold with shares at ‘”extremely attractive levels’

Wedbush upgraded Diebold to Outperform from Neutral with a price target of $50, up from $40. Following the Q1 results, the firm is more certain around Diebold’s ability to execute. The stock is trading at “extremely attractive levels,” the analyst tells investors in a research note. The firm says Diebold’s better than expected Q1 revenues paralleled CEO Octavio Marquez’s plan for more linear annual execution. In addition, a stable backlog metric in Q1 both significantly limits any near to intermediate term risk to sales and also suggests some improvement in the company’s underlying business, according to Wedbush.