UPDATE: Jefferies Raises PT on Calix to $24.50 (CALX)

Jefferies is out with its report today on Calix (NYSE: CALX), raising its PT from $16 to $24.50.

In a note to clients, Jefferies writes, "We're raising our Price Target to $24.50, or 13.6x our new 2012 EPS projection of $1.80. Note that we're applying a very conservative target multiple on earnings as 2012 likely represents a peak year on Broadband Stimulus. The adjusted group average forward PE multiple is currently 18x 2012 EPS for the industry group – a collection of businesses that, over the long run, should exhibit a higher risk, slower growing earnings stream than Calix. We're reiterating our Buy rating on the shares."

Shares of CALX closed Monday at $20.42, down 0.20% from Friday's close.