UPDATE: Jefferies Reiterates Buy Rating, Raises PT on EnerSys Following F4Q Results

In a report published Thursday, Jefferies analyst Elaine Kwei reiterated a Buy rating on

, and raised the price target from $47.00 to $58.00. In the report, Jefferies noted, “ENS reported F4Q results in line with preliminary revenue of $572 million and adjusted EPS of $0.80. ENS announced the institution of a dividend and repurchase program that is expected to return around $100 million of cash this year, and provided a bullish outlook for FY14 revenue based on current orders. We expect ENS to continue its steady trajectory of growth, with potential upside from a European recovery.” EnerSys closed on Wednesday at $49.58.