UPDATE: Oppenheimer Raising Price Target on Micros Systems

Oppenheimer & Co. is out with a research report on Micros Systems Inc. MCRS and is raising its price target to $57, and it has an Outperform rating on shares. In a note to clients, Oppenheimer & Co. writes, "MCRS built on its solid FY11 business momentum and started FY12 on the right foot. Healthy uptake of its hosted solutions combined with ongoing rollouts drove 1Q12 revenue of $256.6 million, in line with consensus forecasts. Strong gross margins coupled with share buybacks enabled MCRS to deliver EPS of $0.48, a penny above consensus. Looking ahead, although we anticipate MCRS's selling environment will remain difficult, based on slowly improving end markets (Rev/PAR and occupancy are steadily increasing for MCRS's customers), numerous catalysts (potential accretive M&A, major domestic hotel wins, etc) and an attractive valuation, we expect the shares to outperform peers and remain buyers." Shares of MCRS gained $2.05 yesterday to close at $52.08.