UPDATE: Benchmark Raises PT to $8 on eResearch Technology

Benchmark raises its price target on Buy-rated eResearch Technology

to reflect the company's expanding capacity and efficiency. Benchmark comments, "ERT posted strong Q4 results including revenue growth of 16.5% to $52.3 million, and $0.14 non-GAAP EPS. Results widely exceeded the consensus forecast of $47.5 million revenue and $0.10 EPS, benefiting from approximately $2 million in accelerated Thorough ECG revenue. We believe underlying clinical research industry trends recovered late in 2011 and have returned to a favorable track. We believe ERT's launch of the Expert3 workflow management system in January 2012 positions it well to accept additional workload and simultaneously increase efficiency." ERT closed at $5.57 a share on Monday.