UPDATE: Stifel Nicolaus Raises PT on WebMD Following Strong 2Q13 Results

In a report published Thursday, Stifel Nicolaus analyst George Askew reiterated a Buy rating on WedMD WBMD, and raised the price target from $35.00 to $40.00.

In the report, Stifel Nicolaus noted, “WebMD's strong 2Q13 was led by 11.2% y/y revenue growth and 10.1% y/y deferred revenue growth. We sought clarity on the following topics heading into the quarter: (1) a 2Q13 beat, (2) increased FY13 guidance, (3) solid deferred revenue growth, and (4) 3Q13 guidance. We believe conservative 2H13 guidance outweighs possible mobile cannibalization concerns given that key metrics e.g., deferred revenue growth, remain positive.”

WebMD closed on Wednesday at $33.01.