UPDATE: Piper Jaffray Raises PT on Cepheid to $33 (CPHD)

Piper Jaffray is out with its report today on Cepheid

, raising its PT from $29 to $33. In a note to clients, Piper Jaffray writes, "Cepheid reported 1Q11 results above our and Street consensus expectations, with both revenue and EPS ahead of our estimates. Instrument revenue ($12.7M vs. PJC: $10.2M) and HAI results (~$42.9M vs. PJC: $41.7M) both topped our expectations. Gross margin continues to benefit from expiring royalties (56.1% vs. PJC: 51.7%) and contributed to the second consecutive quarter of GAAP profitability. Based on expectations for increased penetration going forward as well as conservative guidance we are increasing our price target to $33 (was $29) and remain Overweight CPHD shares." Shares of CPHD closed Wednesday at $30.71, up 3.16% from Tuesday's close.