UPDATE: Jefferies Raises PT to $42 on Cepheid

A report from Jefferies reiterates its Buy rating and raises its price target from $37 to $42 on Cepheid (NASDAQ: CPHD).

The report states, “CPHD's 3Q11 GAAP EPS of $0.03 was $0.01 ahead of consensus on better- thanexpected revenue growth and profit trends. We are trimming our 2011 EPS forecast by $0.01 (to $0.09) on stepped-up R&D outlays planned for 4Q11. Our 2012 EPS forecast ($0.55) in unchanged. Our price target moves to $42 (from $37) on higher cash flow forecasts”.

CPHD closed yesterday at $38.55.