UPDATE: Collins Stewart Raises PT on BMC Software to $62 (BMC)

Collins Stewart is out with its report today on BMC Software

, raising its PT from $58 to $62. In a note to clients, Collins Stewart writes, "Our $62 price target (was $58) is derived as 18x (was 17x) CY12 EPS of $3.42, a multiple towards the higher end of its recent range reflecting BMC's projected ability to accelerate growth. This is also 11x projected enterprise value to CY12 operating cash flows, in line with the current CY11 multiple." Collins Stewart maintains Buy on BMC. Shares of BMC closed Wednesday at $54.54.