An analyst with Sandler O'Neill & Partners gave the Waddell & Reed an upgrade, saying the Kansas City-based firm, which runs the Ivy Funds, is more reasonably valued and that its overall investment performance remains strong, The Associated Press reports. The analyst, Michael Kim, upgraded Waddell & Reed's stock from "sell" to "hold."

Kim noted that 80 percent of the firm's stock funds rank near the top two quartiles of their peer group based on one- and three-year track records. He lifted the company's price target by $2 to $13. 

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