Jefferies analyst Atul Goyal upgraded Toshiba to Buy from Underperform with a price target of 4,610 yen, up from 2,620 yen. The company is now being led by the new board of directors and not by incumbent management "and this is a good thing," Goyal tells investors. Setting up of a new exit rule requiring OPM of 5% by FY3/21 or risk being put on monitoring list is a major positive, said Goyal, who believes a genuine turnaround begins with a portfolio pruning. He also lists the exit from system LSIs and the ToB for listed subs as two other "new positives."