While US stocks dipped into the red territory today, Rex Energy Corporation (NASDAQ:REXX) and Nimble Storage Inc (NYSE:NMBL) closed higher on the back of analyst upgrades. Let’s take a closer look:

Rex Energy Corporation

Stifel Nicolaus analyst Michael Scialla upgraded Rex Energy shares from Sell to Hold, after OPEC members struck a deal to limit crude output for the first time since 2008.

Scialla noted, “We are raising our rating to Hold from Sell on an improving oil price outlook. OPEC has reportedly agreed to cut production from 32.5-33.0 MMBls/d next year from its August level of 33.2 MMBls/d. While a formal OPEC agreement that meaningfully reduces supply and record global inventories is far from concrete, a change in Saudi policy, weather perceived or real, and positive commentary from the producer group’s leading officials, appear to be building an oil price floor of $40.”

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Scialla has a yearly average return of -6.2% and a 37% success rate. Scialla has a 23.2% average return when recommending REXX, and is ranked #3667 out of 4181 analysts.

All the 7 analysts polled by TipRanks (in the past 3 months) rate Rex Energy stock a Hold. With a return potential of 198%, the stock’s consensus target price stands at $1.76.

Nimble Storage Inc

Nimble Storage shares are up nearly 8% today, after Wells Fargo analyst Maynard Um upgraded the stock from Market Perform to Outperform, while raising his valuation rage of $10-$11 (from $9-$10).

Um commented, “We expect growth to be driven by 1) a strong pipeline for its all-flash array in a secularly growing market and 2) our expectations for better performance in its hybrid arrays than the implied decline in our/Street’s F18 forecast. We believe the risk/reward is additionally skewed positively given our view that 1) there is limited near-term risk as we think management may have taken a more conservative approach to guidance given issues last year, 2) gross margins will remain relatively stable, 3) its InfoSight predictive analytic engine offers differentiation, and 4) organizational changes made earlier this year and channel roadshows in Sept should start yielding benefits in the next couple of quarters.”

TipRanks.com, analyst Maynard Um has a yearly average return of 14.9% and a 66% success rate. Um has a -2.1% average return when recommending NMBL, and is ranked #173 out of 4181 analysts.

TipRanks analytics exhibit NMBL as a Buy with 7 analysts issuing a Buy rating on the stock, while 10 maintaining a Hold rating. The consensus target price for NMBL is $11.68, marking a 33% upside from current prices.