UPDATE: Piper Jaffray Raises PT to $55 on Gartner on Growth Outlook

Piper Jaffray reiterated its Overweight rating on Gartner

and increased its price target from $50 to $55. Piper Jaffray commented, "Acceleration in contract value growth would be a key potential driver of multiple expansion for Gartner shares. We look for the recent acceleration in salesforce growth (beginning in the second half of 2011) to drive improving contract value growth in the second half of 2012, even with modestly lower salesforce productivity reflecting the rapid pace of hiring." Gartner closed at $46.84 on Friday.