UPDATE: Piper Jaffray Upgrades Sun Hydraulics to Overweight

Piper Jaffray is out with its report today on Sun Hydraulics SNHY, upgrading SNHY to Overweight from Neutral. In its report, Piper Jaffray writes, "We are upgrading Sun shares to Overweight given the recently created entry point, and a fundamental outlook for earnings growth that remains robust given Sun's high operating leverage model." Piper Jaffray lowers its PT to $30 from $33 on SNHY. Shares of SNHY closed Tuesday at $24.72, up 11.86% from Monday's close.