UPDATE: Jefferies Reiterates Hold Rating, Raises PT on West Pharmaceutical Services on 4Q12 EPS

In a report published Friday, Jefferies reiterated its Hold rating on West Pharmaceutical Services

, and raised its price target from $49.00 to $56.00. Jefferies noted, “WST's 4Q12 EPS beat consensus by 10% (mostly from a milestone payment) and initial 2013 EPS guidance was 2% above the Street. Favorable sales momentum should make for a strong 1H13, with customer inventory levels continuing to build. We are raising our PT to $56 to reflect the improving outlook. However, with a CZ revenue ramp (key to significant growth) still 2.5+ years away, WST's 2013 P/E of 19.5x is full. Maintaining Hold.” West Pharmaceutical Services closed on Thursday at $60.06.