UPDATE: Piper Jaffray Raises PT on Cepheid to $39

Piper Jaffray is out with its report today on Cepheid

, raising its PT from $38 to $39. In a note to clients, Piper Jaffray writes, "Management increased F2011 guidance to revenue of $265M-$270M (was $245M-$255M) and EPS of $0.08-$0.11 (was ($0.01)-$0.04), which we view as achievable with room for upside given the current momentum behind the business. We maintain our Overweight rating and slightly increase our price target from $38 to $39." At the time of posting, shares of CPHD were trading pre-market at $35.17, up 11.19% from Thursday's close.