UPDATE: Jefferies Raises PT to $56 on Sirona Dental Systems

Jefferies reiterates its Buy rating on Sirona Dental Systems (NASDAQ: SIRO) and raises its price targe to $56 from $53 a share on better than expected sales of high-tech dental equipment.

Jefferies says, "SIRO's fiscal-1Q12 (Dec) adj. operating income of $67M (vs. our $71M) essentially matched the consensus view as better than expected revenue growth was offset by a weaker profitability experience. We are raising our FY12 EPS forecast to $3.05 (from $3.00) to account for a slightly stronger organic revenue growth outlook (+7% vs. our prior +6%) and other items below the line. Our PT moves to $56 (from $53) on higher cash flow forecasts."

SIRO closed at $48.72 a share on Friday.