UPDATE: Jefferies Increases PT to $35 on Qlik Technologies

Jefferies raises its price target from $31 to $35 on Buy-rated Qlik Technologies

as channel survey suggests modest upside risk. Jefferies says, "Our channel work on QLIK shows some deceleration (reflected in 1Q12 guidance) though growth expectations for CY12 are consistent with our last survey. We think spending trends in the analytics market remain strong, but we are mindful of an increasingly competitive backdrop. We have left our estimates unchanged." QLIK closed at $30 on Tuesday.