UPDATE: Jefferies Raising Price Target on Broadsoft

Jefferies & Co. is out with a research report on Broadsoft, Inc.

and it is raising its price target to $42 from $32, and it has a Buy rating on shares. In a note to clients, Jefferies & Co. writes, "We're increasing 2011 and 2012 sales expectations upward from $129.5 million and $157.1 million to $134.4 million and $164 million, respectively. Our 2011 and 2012 EPS estimates go from $0.95 and $1.10 to $1.11 and $1.13, respectively. We believe our expectations are quite conservative." Shares of BSFT lost 12 cents yesterday to close at $36.29, a loss of 0.33%.