UPDATE: Piper Jaffray Upgrades Medidata Solutions; Raises PT

According to a research report published earlier today, Piper Jaffray has upgraded Medidata Solutions Inc.'s

shares from Underweight to Neutral, and has increased PT from $16 to $23. Piper Jaffray commented in the report, “The company reported Q4 in-line with our and consensus estimates but issued CY12 guidance above our estimates. Strong App services backlog growth (23% y/y) fueled CY12 revenue guidance expectations of 15% growth (at midpoint) but EPS is pressured by higher than expected operating expenses and tax rate. While we see limited risk to the guidance mid-point, we recognize the strength in the App services backlog growth and signs of organic growth in professional services. We continue to see decreasing S&M productivity and lack of growth in clinical trials as limiting for the company's growth, but we see limited downside to the stock at this point.” Medidata Solutions closed yesterday at $23.97.