Stifel Nicolaus Raises PT on FARO Technologies to $62

Stifel Nicolaus is out with its report today on FARO Technologies FARO, raising its PT from $60 to $62. In a note to clients, Stifel Nicolaus writes, "We are raising our 2Q11 sales and EPS estimates from $57.0 million and $0.25 to $59.0mn and $0.30. We are raising our 2011 sales and EPS estimates from $237.6 million and $1.13 to $240.6 million and $1.20. We are raising our 12-month price target for FARO from $50 to $52 on higher estimates. Our 12-month price target is based on 2.5x EV/Sales on our 2012 revenue estimate of $295 million." Stifel Nicolaus maintains Buy on FARO. Shares of FARO closed Tuesday at $45.74.