UPDATE: Jefferies Raises PT to $23 on Parametric Technology, Reiterates Buy

Jefferies maintains its Buy rating on Parametric Technology

and raises its price target by $1 to $23 following channel survey that indicates slight improvement in growth expectations. Jefferies says, "Our latest channel survey suggests normal seasonality for F1Q12 and a slight up-tick in growth expectations for CY12. We lowered our ests for FX/ demand on 1/9/12 and see no need to change estimates further. We still view the stock as relatively cheap and we maintain Buy." PMTC closed at $20.25 per share on Wednesday.