UPDATE: Jefferies Raises PT on Cepheid to $35 (CPHD)

Jefferies is out with its report today on Cepheid

, raising its PT from $30 to $35. In a note to clients, Jefferies writes, "CPHD's 1Q11 GAAP EPS of $0.01 was $0.02 ahead of consensus on better than expected revenue growth and profit trends. We are raising our 2011 and 2012 EPS forecasts to $0.03 (from $0.02) and $0.52 (from $0.50), respectively. Our PT moves to $35 (from $30) on higher cash flow forecasts." Jefferies maintains Buy on CPHD. Shares of CPHD closed Wednesday at $30.71.