UPDATE: Jefferies Increases PT to $34 on Medidata Solutions; Competitive Wins Continue

Jefferies raises its price target from $31 to $34 on Buy-rated Medidata Solutions MDSO on solid Q1 results. Jefferies comments, "Medidata's ongoing transition from a solution provider to a true clinical trial software platform has significantly advanced relative to peers. Rave's lower cost of ownership and a growing portfolio of bolt-on offerings have led to continued share gains. A significant up-sell opportunity also continues to develop. Valuation remains compelling, especially for a SaaS company." MDSO closed at $28.64 on Tuesday.