UPDATE: Benchmark Increase PT on Blue Nile, Inc. to $32

According to a research report this morning, Benchmark increases its PT on Blue Nile (NASDAQ: NILE) from $28 to $32 to reiterate its in-line revenues for 1Q12.

Benchmark stated, “A recovery in core engagement sales, up 3% y/y, including a reacceleration of high end growth at price points below $25,000, and a reacceleration of international growth to 9% from 3% in 4Q drove the revenue upside.”

Blue Nile closed yesterday at $27.28 as Benchmark maintains its Hold rating.