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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 (NYSE: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 (NYSE: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 (NYSE: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 (NYSE: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 (NYSE: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 (NYSE: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 (NYSE: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