NN Inc. shares climb after KeyBanc upgrades to 'Buy'

NEW YORK—Shares of NN Inc. climbed Monday after a KeyBanc Capital Markets analyst upgraded the maker of ball bearings, citing its growth and exposure overseas.

Mark L. Parr in a note to investors raised NN to "Buy" from "Hold" and assigned a $15 price target, implying he expects the stock to gain 35 percent in the next 12 months.

The company is set to "break out of a multiyear funk," Parr said, highlighting recent growth initiatives in Slovakia and China, improved performance in its 2006 acquisition, Whirlaway Corp., and internal initiatives.

Parr also said the Johnson City, Tenn., company has significant exposure to overseas markets, including Europe's "robust" automotive and industrial markets.

Last, he praised the company's "conservative financial structure," which may be of interest to long-term investors.

Shares of NN gained 67 cents, or 6 percent, to $11.78. The stock has added 49 percent from a 52-week low of $7.45 in January.

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