UPDATE: Stifel Nicolaus Raises PT on Descartes Systems Group to $9

Stifel Nicolaus is out with its report today on Descartes Systems Group

, raising its PT from $8.50 to $9. In a note to clients, Stifel Nicolaus writes, "Descartes reported strong 1Q/F12 results (ended April) this morning, before the open, with revenue of $27.1mn, versus our estimate of $26.2mn (consensus: $26.5mn), up 27% from last year. Adjusted EBITDA was $7.8mn vs our estimate of $6.8mn (consensus: $7.5mn) with margins helped by an earlier than expected integration of last year's acquisitions. Adjusted EPS was $0.12, ahead of our estimate of $0.11 (consensus: $0.10). With this note, we update our estimates and raise our target price to $9.00." Shares of DSGX closed Thursday at $6.88.