UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Medidata Solutions Following 1Q13 Results

In a report published Tuesday, Credit Suisse analyst Glen Santangelo reiterated an Outperform rating on Medidata Solutions MDSO, and raised the price target from $75.00 to $80.00. In the report, Credit Suisse noted, “On the back of MDSO's 1Q13 results, continued benefit from competitive market share gains and further evidence of the company's ability to grow its wallet share within its new and existing customer base. In this report we attempt to provide a different valuation framework for the company given our understanding of the preferred valuation metrics for the Healthcare Services investor vs. the valuation metrics most relevant to ‘cloud companies.'” Medidata Solutions closed on Monday at $69.87.