UPDATE: Stifel Nicolaus Raises PT to $45 on Mellanox Technologies

Stifel Nicolaus raises its price target to $45, up $7, on Buy-rated Mellanox Technologies

on market growth into 2013. Stifel Nicolaus says, "We are lifting our 12-month price target for MLNX shares based on our newly-introduced 2013 non-GAAP EPS estimates. We have increasing conviction that Mellanox will continue to gain market share in high performance data center networking applications. Our new price target of $45 is based on 24x our 2013E non-GAAP EPS." MLNX closed at $40.52 a share on Wednesday.