More Upside for DryShips (Nasdaq:DRYS)

DryShips (Nasdaq:DRYS) has enjoyed a big boost today as an analyst from Credit Suisse (NYSE:CS) upgraded the shipping company, along with his price target on them.

Dryships announced last week it is going to raise $500 million via a private offering, which they're going to use to "finance construction costs of the ultra deepwater newbuilding drillships under construction at Samsung, exercise options to build further ultra deepwater drillships and general corporate purposes."

The private placement is expected to close before the end of 2010. Only qualified institutional investors in the U.S. and Norwegion professionals not residents in America will be allowed to participate.

Credit Suisse upgraded DryShips from "Neutral" to "Outperform." They were trading at $6.34, up $0.34, or 5.58 percent, as of 1:51 PM EST. They also increased their price target on DryShips from $5 to $9.

Other traders believe DryShips has more upside than they've moved today so far.