Oppenheimer Raises MCRS PT To $54

Oppenheimer has raised the Price Target of Micros Systems MCRS from $52 to $54 following management meetings. According to Oppenheimer, "Given building momentum for MCRS' web-based products and numerous other growth drivers (major account roll-outs, improving Street biz, etc.), we are more confident MCRS can reaccelerate its growth rates in the back half of CY11 and have thus increased our FY12 estimates. Although we expect the recovery in its end-markets to be gradual, based on improving leading indicators (rev/par figures, restaurant sales, etc.), our view that an upgrade cycle is around the corner, and a solid chance of upward earnings revisions as the year unfolds, we remain constructive on the shares and increase our PT to $54 from $52." MCRS has an Outperform Rating and closed at $48.82 yesterday.