UPDATE: Goldman Sachs Upgrades NCR to Buy (NCR)

Goldman Sachs is out with its report today on NCR (NYSE: NCR), upgrading NCR from Neutral to Buy.

In a note to clients, Goldman Sachs writes, "We upgrade NCR shares to Buy from Neutral and add it to the Conviction List. We raise our price target to $23 (+$5, 19% upside) on higher EPS estimates and an improved demand backdrop. When we launched coverage last year, we identified NCR as a likely beneficiary of retail self-service and ATM upgrade cycles. Post-4Q10 results and our industry checks, we believe the backdrop for both businesses is better—which should drive strong demand over the next 12-18 months."

At the time of posting, shares of NCR were trading pre-market at $20.02, up 3.41% from Tuesday's close.