UPDATE: Jefferies Increases PT to $34 on Patterson Companies on Momentum Gains

Jefferies raises its price target on Patterson companies PDCO from $31 to $34 and reiterates a Hold rating on shares. Jefferies says, "PDCO's fiscal-4Q12 (Apr) EPS of $0.58 was $0.02 above consensus as stronger revenue growth & a lower tax rate more than offset a weaker than expected profitability experience. We are raising our FY13 EPS forecast to $2.13 (from $2.10). Our PT moves to $34 (from $31) on higher cash flow forecasts." PDCO closed at $33.50 on Thursday.