UPDATE: Stifel Nicolaus Raises PT to $32 on SPS Commerce

Stifel Nicolaus reiterates its Buy rating on SPS Commerce (NASDAQ: SPSC) and raises its price target by $7 to $32 on recurring revenue growth.

Stifel Nicolaus says, "On Wednesday, February 8, 2012, SPS Commerce reported 4Q11 results that were at the high-end of Street expectations. Recurring revenue growth continues to accelerate, driven by both customer gains and improved wallet share. The 2012 outlook effectively bracketed street expectations on revenue and EBITDA, while lower EPS guidance is entirely owed to a higher tax rate as the company exercised its tax allowance in 4Q11."

SPSC closed at $27.91 a share on Wednesday.