UPDATE: Piper Jaffray Raises PT on Nuance Communications to $21 (NUAN)

Piper Jaffray is out with its report today on Nuance Communications (NASDAQ: NUAN), raising its PT from $19 to $21.

In a note to clients, Piper Jaffray writes, "Nuance reported good Q2 results, as the company exceeded revenue and EPS consensus while returning to a double digit organic growth rate of 10%. NUAN highlighted robust demand for its products with Mobile and Healthcare segments leading the pack. The company suggested the Enterprise business has stabilized and is now poised to grow. NUAN also announced the acquisition of Equitrac, a provider of intelligent print management, which the company believes will enhance its imaging division. Despite the positive tone of the business, the company only raised the midpoint of FY2011 revenue guidance by less than half a percent, perhaps reflecting some conservatism. Maintain Neutral based on valuation. Neutral = $21 (was $19) based on 16x our untaxed FTM OCF forecast of $1.30 per share, plus net cash of $0.17 per share."

Shares of NUAN closed Tuesday at $21.62, down 0.64% from Monday's close.