UPDATE: Jefferies Upgrades Nanosphere to Buy Post Gram-Positive BSI Approval

Jefferies upgrades Nanosphere

from Hold to Buy and raises its price target from $2 to $5. Jefferies notes, "We are upgrading NSPH to Buy (from Hold) on expectations for its recently FDA approved gram-positive blood stream infection test to drive a significant acceleration in new system placements & revenue. We are raising our 2012 & 2013 revenue forecasts to $9.5M (from $9M) and $28M (from $20M), respectively. Our PT moves to $5 (from $2) on higher cash flow forecasts." NSPH closed at $2.52 on Monday.