UPDATE: Piper Jaffray Raises PT on TranS1 to $6 (TSON)

Piper Jaffray is out with its report today on TranS1 TSON, raising its PT from $4.00 to $6.00. In a note to clients, Piper Jaffray writes, "We reiterate our Overweight rating and are increasing our PT to $6, based on 4.0x (prev. 2.5x) EV/2012E sales of $21.8 million. We are raising our target multiple to 4.0x, from 2.5x, based on improving valuation and sentiment over the next 12 months driven by the prospect of improving payor coverage. We expect sentiment to improve before we see an increase in revenues from additional insurance coverage." Shares of TSON closed Thursday at $4.63.