UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Medidata Solutions on 2013 Revenue Guidance

In a report published Friday, Jefferies reiterated its Buy rating on Medidata Solutions MDSO, and raised its price target from $48.50 to $59.00. Jefferies noted, “Medidata's emergence as a SaaS leader is progressing rapidly. The company continues to win market share, expand its footprint within existing clients, and upsell high-margin modules. Similar to other SaaS stocks in our coverage list, investors are intently focused on revenue currently. This enables management to aggressively reinvest in the business to continue driving 20% revenue growth. MDSO is still early in its growth ramp.” Medidata Solutions closed on Thursday at $50.79.