Notable Upgrades: 58.com (WUBA), Paychex (PAYX), Align Technology (ALGN), Fortinet (FTNT), Incyte (INCY)

Analysts at Credit Suisse (CS) are out with a report this morning upgrading shares of 58.com Inc. (WUBA) with an ‘Outperform‘ from ‘Neutral‘ rating.

58.com Inc. ADS shares are currently priced at 279.46x this year’s forecasted earnings, which makes them quite expensive compared to the industry’s 17.61x earnings multiple. Ticker has a forward P/E of 173.38 and t-12 price-to-sales ratio of 23.13. EPS for the same period is $0.26.

In the past 52 weeks, shares of Beijing, China-based company have traded between a low of $34.64 and a high of $74.30 and are now at $72.66. Shares are up 61.54% year-over-year and 67.29% year-to-date.

Analysts at JP Morgan (JPM) upgraded their rating on the shares of Paychex, Inc. (PAYX). In a research note published on Tuesday, the firm lifted the name with a ‘Neutral‘ from ‘Underweight‘ rating.

On valuation measures, Paychex Inc. shares are currently priced at 27.23x this year’s forecasted earnings compared to the industry’s 18.28x earnings multiple. Ticker has a PEG and forward P/E ratio of 2.68 and 24.51, respectively. Price/Sales for the same period is 6.62 while EPS is $1.81. Currently there are 3 analysts that rate PAYX a ‘Buy‘, 14 rate it a ‘Hold‘. 6 analysts rate it a ‘Sell‘. PAYX has a median Wall Street price target of $46.00 with a high target of $55.00.

Align Technology Inc. (ALGN) was raised to ‘Overweight‘ from ‘Equal-Weight‘ and it was given a $79 from $56 price target at Morgan Stanley (MS) on Tuesday.

ALGN is up $2.55 at $56.76 on good volume. Midway through trading Tuesday, 800K shares of Align Technology Inc. have exchanged hands as compared to its average daily volume of 915K shares. The stock ranged in a price between $56.20-$57.90 after having opened the day at $57.65 as compared to the previous trading day’s close of $54.21.

In the past 52 weeks, shares of San Jose, California-based company have traded between a low of $43.27 and a high of $64.75. Shares are up 1.52% year-over-year ; down 3.04% year-to-date.

Fortinet Inc. (FTNT) was reiterated an ‘Overweight’ by Piper Jaffray analysts on Tuesday. The broker also raised its price target on the stock to $45 from $38, implying 19% expected return.

FTNT shares recently gained $3.09 to $37.72. In the past 52 weeks, shares of Sunnyvale, California-based company have traded between a low of $20.27 and a high of $38.98.

Incyte Corporation (INCY) was reiterated as ‘Overweight’ with a $121 from $80 price target on Tuesday by Piper Jaffray.

INCY shares recently gained $3.10 to $108.61. The stock is up more than 136% year-over-year and has gained roughly 44% year-to-date. In the past 52 weeks, shares of Wilmington, Delaware-based company have traded between a low of $43.44 and a high of $109.10.

Incyte Corporation closed Monday at $105.51. The name has a total market cap of $18.65 billion.

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