UPDATE: Benchmark Upgrades IRIS International to Buy

Benchmark raises its rating on IRIS International IRIS to Buy as expense control drives earnings leverage. Price target is now raised to $12.50. Benchmark notes, "We are upgrading the shares to Buy and increasing our price target to $12.50 based on our increased confidence in the Company's two- to three-year earnings outlook. We see heightened 2012 R&D investment driving strong earnings leverage as expenses decelerate after 2013 and 3GEMS urinalysis and hematology products advance toward launch in 2014 and 2015, respectively." IRIS closed at $11.10 a share on Thursday.