Oppenheimer Raises PT on Taleo to $37 (TLEO)

Oppenheimer is out with its report today on Taleo

, raising its price target from $33 to $37. In a note to clients, Oppenheimer writes, "We are raising our price target to $37 from $33 following TLEO's better than expected 4Q10 results and our increased confidence it can maintain its healthy business momentum. TLEO delivered solid 4Q results and handily topped Street revenue forecasts of $67.3 million (by $3.6 million), as it benefited from its recent Learn.com acquisition and experienced a healthy uptick in demand across its broad product portfolio. The revenue upside combined with cost controls and lower tax rate enabled TLEO to top Street EPS of $0.18 by a nickel." Oppenheimer maintains Outperform on TLEO. Shares of TLEO closed Wednesday at $30.68, down 1.95% from Tuesday's close.