UPDATE: Jefferies Raises Target on Parametric Technology to $31

Jefferies maintains its Buy rating on Parametric Technology (NASDAQ: PMTC) and increases its price target by $1 to $31 as the latest company 10-Q reveals acquisition contribution to special segments.

Jefferies says, "New Information: Low. We made a few minor model adjustments, incl. updating our Balance Sheet and Cash Flow Statement to reflect the more detailed breakout in the filing, though our ests are unchanged. There was little incremental info, as commentary from the filing was consistent with the recent EPS report, though we flag detail around acquisition contribution to specific biz segments as interesting."

PMTC closed at $27.05 a share on Wednesday.