UPDATE: Stifel Reiterates Buy Rating, Raises PT on FleetMatics Group PLC Ahead of Earnings Announcement

In a report published Tuesday, Stifel analyst Tom Roderick reiterated a Buy rating on

, and raised the price target from $28.00 to $44.00. In the report, Stifel noted, “We are updating our model ahead of Fleetmatics' earnings announcement on Wednesday, August 7, 2013. Our changes come after the company positively preannounced 2Q13 revenue ahead of its 9.5mn share secondary offering (1.0mn shares primary) that priced at $33. We are raising our estimates to reflect better-than-expected vehicles under subscription and total revenues, and we are correspondingly raising our target price to $44 to reflect our increased confidence in the business.” FleetMatics Group PLC closed on Monday at $39.68.