UPDATE: Jefferies Raises PT on PRO Holdings on Positive Revenue Data

In a report published Monday, Jefferies reiterated its Buy rating on

and raised its price target from $28.00 to $31.00. In the report, Jefferies wrote, “Revenue from term licenses was 4.8% of total revenue vs. 5.8% in CY11. We calculate term license rev was +1% Y/Y. Revenue from hosting services was 2.6% of total revenue vs. 2.2% in CY11. We calculate hosting revenue was +44% Y/Y. 3 year rev CAGR of 24% assumes favorable biz conditions continue in CY13/14 and improved sales execution on the part of the company.” Pro Holdings closed at $26.45 on Friday.