UPDATE: Piper Jaffray Raises PT to $19 on Blue Coat Systems

A report from Piper Jaffray reiterates its Neutral rating and raises its price target from $14 to $19 on Blue Coat Systems (NASDAQ: BCSI).

The report states, “After a string of disappointing quarters, Blue Coat turned in a Street beating FQ2 that easily exceeded the high end of management's guidance. The quarter was aided by a healthy federal budget flush and low expectations but importantly, product sales reversed their negative trajectory and grew sequentially for the first time in three quarter.”

BCSI closed yesterday at $16.91.