Piper Jaffray Raises PT on Advisory Board Co. (ABCO)

Piper Jaffray is out with its report on Advisory Board Co. ABCO, raising its price target from $51 to $60. In its report sent to clients, Piper Jaffray notes, "The company issued CY11 guidance that shows moderate growth, but we believe that the strong growth in deferred revenues (up 35% y/y) is highly likely to provide the upside to guidance. We are adjusting our revenues up but cutting our earnings est. due to the expected acquisition related integration work impacting margins but we expect margins to improve gradually. We are increasing target to $60, maintain Overweight." At the time of posting, shares of ABCO were trading at $48.38, down 3.39% from Thursday's close.