UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on Albany Molecular Research on Raised Estimates

In a report published Wednesday, Sterne Agee reiterated its Buy rating on Albany Molecular Research

, and raised its price target from $8.50 to $12.00. Sterne Agee noted, “We are raising our EPS estimates for CY13 and CY14 to $0.50 and $0.60 from $0.43 and $0.53, respectively. We are also raising our price target to $12 from $8.50 (20x CY14E). A higher revenue forecast, as well as higher margin assumptions, have led to the upward revisions in earnings forecast. We expect the company to narrow CY13 EPS forecast towards the higher end of the current guidance range ($0.34-0.50) on C1Q13 earnings call in early May. Reiterate Buy.” Albany Molecular Research closed on Tuesday at $8.89.