UPDATE: Rodman & Renshaw Raises Target to $10 on Magic Software Enterprises

Rodman & Renshaw reiterates its Outperform rating on Magic Software Enterprises

and raises its price targe to $10 from $8, driven by expectations of continued business growth. Rodman & Renshaw notes, "The company grew revenues and net income by 28% and 60% in 2011. After demonstrating nine consecutive quarters of growth we believe the stock should be on the path towards trading in line with industry average P/E multiples of ~25x compared to the ~15x P/E multiple currently being assigned to it. The Japanese and US markets for MGIC should remain healthy. Investors should be looking for the company's mobile offering." MGIC closed at $6.48 a share on Tuesday.