UPDATE: Rodman & Renshaw Maintains Market Perform, Raises PT to $20 on Retalix

Rodman & Renshaw reiterates its Market Perform rating on Retalix

and raises its price target up $3 to $20 as it updated the model on the company due to revised estimates. Rodman & Renshaw says, "We are adjusting our estimates on RTLX. We are now projecting 2012 Revenue and EPS of $260MM and $0.80 compared to prior projections of $256MM and $1.14 respectively. Our lower 2012 EPS projection is driven primarily by 1) adjustments to Financial Income expectations (from $8MM to ~$1.2MM) and 2) expectations of a higher tax rate (from 10.5% to 25%). Please see pg. 4 for our table highlighting the adjustments. We believe these new projections should set more realistic expectations for investors." RTLX closed at $16.62 a share yesterday.