UPDATE: Jefferies Raises PT on Ancestry.com to $40 (ACOM)

Jefferies is out with its report today on Ancestry.com (NASDAQ: ACOM), raising its price target from $30 to $40.

In a note to clients, Jefferies writes, "We're reiterating our Buy rating on ACOM and increasing our PT to $40 (from $30) to reflect a) guidance for higher growth for 2011, b) higher ARPU from shift to higher-priced premium packages, and c) our belief that the addressable market will prove to be larger than most expect."

At the time of posting, shares of ACOM were trading at $36.89, up 8.60% from Thursday's close.