Stifel Nicolaus Upgrading Rofin-Sinar Technologies

Stifel Nicolaus is out with a research report and is upgrading shares of Rofin-Sinar Technologies Inc. RSTI from Hold to Buy and the price target goes to $41. In a note to clients, Stifel Nicolaus writes, "We are upgrading the stock from a HOLD to a BUY on an attractive relative valuation to its historical average as well as relative to the commercial laser industry and raising our F3Q11 (June) estimates for Rofin-Sinar on strong near term fundamentals. We are establishing a 12-month target price of $41 based on about 18x our FY12 (September) pro forma EPS estimate of $2.30." Shares of RSTI gained 18 cents yesterday to close at $32.63.