UPDATE: Jefferies Reiterates Hold Rating, Raises PT on MICROS Systems Following F4Q13 Preview

In a report published Monday, Jefferies analyst Ross MacMillan reiterated a Hold rating on

, and raised the price target from $44.00 to $46.00. In the report, Jefferies noted, “Our checks indicate the restaurant tech spending environment is improving in the U.S. New restaurant openings have also increased, driven by QSR and reaffirmed by mgmt comments that Street biz is better. Given improving macro and easier compares, we believe MCRS can likely beat ests this Q. While organic growth might improve in the ST, we continue to expect hardware price compression in the LT. Maintain Hold, PT to $46.” MICROS Systems closed on Friday at $49.51.