Piper Jaffray Reiterates Overweight Rating on Gartner (IT)

Piper Jaffray is out with an analyst note this morning where they reiterate their Overweight rating on shares of Gartner Inc. IT. The stock has a $28.00 price target as well. Piper analysts said that they were raising revenue and earnings estimates for the stock given the recent rise of the U.S. Dollar. They noted that a valuation on 18x 2011 EPS of $1.53 is now entirely plausible given the FX tailwinds. According to Piper Jaffray, risks to Gartner performing as planned include: 1) Exposure to cyclicality of IT spend 2) competitive pressures from smaller industry participants and 3) FX risk. Gartner is a leading provider of IT research and advisory services.