UPDATE: Jefferies Increases Target to $33 on Parametric Technology

Jefferies raises its price target from $31 to $33 on Buy-rated Parametric Technology PMTC as recent survey confirming seasonal trends should not detract from earnings power potential. Jefferies says, "Our most recent reseller work suggests F2Q12 was in line with the seasonal trend. Reseller expectations for CY12 downticked vs. our prior survey, though we think the direct biz is likely to perform well in 2H12 given aggressive headcount expansion. PMTC has strong earnings power as operating margins expand and valuation remains attractive relative to the group." PMTC closed at $28.41 a share yesterday.