UPDATE: Piper Jaffray Raises PT on Orthofix to $37 (OFIX)

Piper Jaffray is out with its report today on Orthofix OFIX, raising its PT from $35 to $37. In a note to clients, Piper Jaffray writes, "We rate OFIX Neutral and are raising our PT to $37, from $35, based on 2012E EBITDA of $121 mil (prev. $116 mil) and a multiple of 6.5x (unchanged). Our 6.5x multiple is based on OFIX's current multiple on 2011E EBITDA. We assume year end 2011 net debt of $128 mil, and s/o of 17.9 mil." At the time of posting, shares of OFIX were trading at $30.00, up 2.63% from Tuesday's close.