UPDATE: Jefferies Raises Target to $21 on PROS Holdings

Jefferies maintains its Buy rating on PROS Holdings PRO and raies its price target to $21 from $18 on continued confidence due to strong secular growth. Jefferies says, "PRO beat 4Q11, guided 1Q12 slightly ahead at the MP, and provided in-line CY12 rev guidance. We think there is upside risk to the full-year outlook given end CY11 backlog, expanded distribution capacity, and improving market acceptance. We continue to view PRO as a strong secular growth story with potential material OM expansion over time coupled with take-out risk." PRO closed at $17.87 yesterday.