UPDATE: Piper Jaffray Raises PT on Kenexa to $38

Piper Jaffray is out with its report today on Kenexa KNXA, raising its PT from $36 to $38. In its report, Piper Jaffray writes, "We think KNXA carries ongoing solid visibility into Q3 and shares are cheap at 2.3x EV/FTM revenue versus 4.7x for SaaS comparables. Increasing estimates, reiterate Overweight, target to $38 from $36." Shares of KNXA closed Tuesday at $24.73, down 5.86% from Monday's close.