Just In Time for Halloween, Party City Wins an Upgrade

Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...

Party City Holdco Inc. (NYSE: PRTY) stock debuted to great fanfare on the NYSE two years ago, going public at $17 a share, but quickly climbing 20% to close at $20.70 the next day. It's been mostly downhill from there.

Over the past two years, Party City has shed nearly half its value, closing yesterday at $11.20 per share. But now, analysts at BMO Capital Markets are trying to get the party started again, announcing a big upgrade to outperform and a new price target of $16 (43% upside to the stock).

Source: Fool.com