UPDATE: Credit Suisse Upgrades Hess to Outperform (HES)

Credit Suisse is out with its report today on Hess (NYSE: HES), upgrading HES from Neutral to Outperform.

In a note to clients, Credit Suisse writes, "The Credit Suisse Investment Policy Committee is adding Hess to the U.S. Focus List based on its exploration potential and strong execution. We are doing this in conjunction with Integrated Oil & Gas analyst Ed Westlake's upgrade to Outperform today (he raised his target price to $115 from $105 implying approximately 40% upside potential)."

At the time of posting, shares of HES were trading pre-market at $84, up 1.52% from Wednesday's close.