UPDATE: Piper Jaffray Raises PT on Gen-Probe to $78 (GPRO)

Piper Jaffray is out with its report today on Gen-Probe GPRO, raising its PT from $69 to $78. In a note to clients, Piper Jaffray writes, "Our quarterly checks suggest improving CT/NG testing volumes, with surveyed accounts describing a 2.2% sequential volume increase. For comparative purposes, we include preliminary CDC data which show yoy growth in reported cases of CT/NG. These channel checks give us increased confidence in our above-consensus 1Q11 revenue estimate ($143.4M vs. Street: $141.2M). We are adjusting our EPS expectations (modestly lower gross margin and higher opex), although our estimate remains above consensus ($0.55 vs. Street: $0.52). We reiterate our Overweight and raise our price target to $78." Shares of GPRO closed Thursday at $68.82, up 1.04% from Wednesday's close.