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It isn't easy to find value in a market that seems to go up every day. Analysts believe that these 5 dividend paying stocks still have room to run. Each of these stocks has a dividend yield over 2% and was upgraded by an investment firm in the last week. We have listed the reason for the upgrade and the price target when it was available.

Enterprise Products (EPD)

Argus upgraded Enterprise Products from a buy to a hold on February 16th, 2012 and set a price target of $61 per share. Argus said that their upgrade was based on the stock's valuation. EPD has a dividend yield of 4.7% and has increased its dividend for 13 consecutive years. It has a 5 year dividend growth rate of 5.9%. EPD is a limited partnership so we are not concerned with its payout ratio.

Parkway Properties (PKY)

Stifel Nicolaus upgraded Parkway Properties from a Sell to a Hold on February 15th. They did not give a price target with the hold rating but did say that their upgrade was based on attractive real estate metrics for Parkway. PKY has a dividend yield of 3% and has not increased its dividend of $.30 per share since it cut its dividend in 2009. PKY is a REIT so we are not concerned with its payout ratio.

Copa Holdings (CPA)

Barclays Capital upgraded Copa Holdings from Equal Weight to Overweight on February 15th and set a new price target of $120 per share. Barclays based their upgrade on CPA being a best of breed stock with a history of value creation, improving market position and valuation. CPA has a dividend yield of 2.2% and has increased its dividend for 2 consecutive years. It has a 5 year dividend growth rate of 65.5%. CPA pays its dividend once per year. CPA has a payout ratio of 29%.

Penn Virginia (PVA)

Stifel Nicolaus upgraded Penn Virginia from a Hold to a Buy on February 13th and set a price target of $7 per share. Stifel Nicolaus expects PVA to transition to greater liquids drilling and for the company to cut capital expenditures. PVA has a dividend yield of 3.7% and has not increased its dividend in the last 6 years. It has been paying dividends since 1990. PVA has a negative EPS lately, and therefore does not have a payout ratio.

Watsco (WSO)

UBS upgraded Watsco from a Sell to Neutral rating on February 13th and set a price target of $72 per share. UBS based its upgrade on valuation and revenue growth rates. WSO has a dividend yield of 3.8% and has increased its dividend for 10 years. It has a 5 year dividend growth rate of 19.2% and has been paying dividends since 1990. WSO has a payout ratio of 88%.

Other Dividend Upgrades

Two other dividend stocks were upgraded last week but the reason for the upgrade was not made available. Naural Resource (NRP) was upgraded by Hilliard Lyons from Neutral to Long-term Buy on February 16th with a price target of $30 per share. NRP has a dividend yield of 8.5% and has increased its dividend for 8 consecutive years. BioMed Realty (BMR) was upgraded by Stifel Nicolaus on February 15th with a price target of $21 per share. BMR has a dividend yield of 4.2% and has increased its dividend for one year.

Source: 5 Dividend Stocks With Investment Firm Upgrades