UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on McGraw-Hill Companies

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on McGraw-Hill Companies

, and raised its price target from $57.00 to $60.00. Piper Jaffray noted, “A recent visit with several of McGraw-Hill's senior operating managers served to reinforce our enthusiasm for the evolving MHP growth story. With the spin/sale of the education business on track for year-end completion, we believe the ‘New' MHP is poised for further P/E multiple upside as investors come to better understand the growth dynamics of the company's portfolio. We reiterate our Overweight rating and boost our price target to $60 from $57 based on higher multiples for the comp group.” McGraw-Hill Companies closed on Thursday at $54.81.