UPDATE: Jefferies Raises PT on Parametric Technology Corporation from $21 to $22

Jefferies reiterated a Hold rating on Parametric Technology Corporation

and raised its price target from $21 to $22. Jefferies wrote, “PMTC's F3Q12 was better than feared with the F4Q12 guide slightly below consensus. Commitment to LT OM targets (even if rev growth below the target 11-13% range) was reassuring. We increase our ests, based on higher margins and raise our PT to $22. Maintain Hold.” Parametric Technology Corporation closed at $20.74 on Thursday.