UPDATE: Feltl & Company Raises PT to $16 on Saba Software

Feltl & Company raises its price target by $6 to $16 on Buy-rated Saba Software SABA on pipeline strength. Feltl & Company says, "3Q industry checks indicate SaaS bookings upside with solid 4Q pipeline strength. We believe Saba had another good sales quarter in 3Q. Our industry checks indicate continued strong enterprise sales along with improving traction within its still relatively new mid-market sales team. As a result, we are more comfortable with our 3Q12 Y/Y SaaS billings growth estimate of 38% and believe the quarter should provide upside to this estimate." SABA closed at $11.33 a share yesterday.