UPDATE: Benchmark Raises IRIS International's PT

According to a research report published this morning, Benchmark has increased IRIS International's

PT from $12.50 to $14. In the report, Benchmark said, "Results in Q1 met our forecast and demonstrated continued operating discipline, including expense control and strong $0.11 per share of free cash flow generation. Revenue expanded 10.9% to $29.9 million, which matched our forecast and nearly matched the $30.3 million consensus. EPS of $0.05 met forecasts. We increase our price target to $14.00, from $12.50, by extending our valuation basis to 2014 from 2013. We use a 25x multiple on 2014 EPS of $0.64, discounted one year at 25%, plus $1.44 in cash. We see expanding profitability and cash flow supported by ProsVue's launch at the AUA conference this month and expanding ThermoBrite Elite sales this year." Benchmark maintains its Buy rating on IRIS International, which closed yesterday at $12.82.