UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Sirona Dental Systems

In a report published Monday, Jefferies & Company reiterated its Buy rating on Sirona Dental Systems

, and raised its price target from $57.00 to $71.00. Jefferies noted, “The reality that SIRO sells discretionary capital equipment & bears >30% direct exposure to Europe clearly wasn't evident in its 4Q12 core revenue growth (+23% vs. our +8%) and initial FY13 outlook, which trumped already bullish expectations. We are raising our FY13 and FY14 EPS forecasts to $3.40 (from $3.25) and $3.70 (from $3.40), respectively. Our PT moves to $71 (from $57) on higher cash flow forecasts.” Sirona Dental Systems closed on Friday at $61.39.