UPDATE: Jefferies Raises PT to $40 on EnerSys on Good Execution

Jefferies reiterates its Buy rating on EnerSys

and raises its price target from $39 to $40. Jefferies notes, "ENS reported results in line with the May 10 pre-release, however margins surprised to the upside. Despite European headwinds, continued acquisitions and buildouts in developing markets will drive growth in FY13 and beyond, and management has consistently executed on this strategy. We think the very strong results and outlook will result in upwardly revised estimates; we increase our estimates and raise our PT to $40." ENS closed at $33.39 on Wednesday.