Raymond James analyst Frank Louthan assumed coverage on DuPont Fabros and upgraded shares to Outperform from Market Perform and established a $47 price target. Louthan said Dupont is benefiting from hyperscale demand and believes new management is actively pursuing larger hyperscale deals, and as other providers shift away from the wholesale model it is creating a scarcity value for its product. The analyst said shares trade at a discount to peers and believes as investors become more comfortable with its improved role in the marketplace and its potential for further growth, multiple expansion will follow.