UPDATE: Stifel Nicolaus Raises PT to $26 on Fleetmatics Group on Unit Growth

Stifel Nicolaus reiterated its Buy rating on Fleetmatics Group FLTX and raised its price target from $26 to $27. Stifel Nicolaus noted, “Fleetmatics reported its 3Q12 financial results - its first earnings report as a public company - after market close on November 8, 2012. The company exceeded our estimates and consensus, beating by over $1.5mn on the top-line and by over $4mn on adjusted EBITDA. Vehicles under subscription grew 40% y/y to 303,000, continuing the momentum that Fleetmatics has seen over the last few quarters. We view this as a very clean quarter out of the gate and continue to view Fleetmatics as one of the more robust emerging growth stories across our coverage space. Fleetmatics Group closed at $21.71 on Thursday.