Blue Coat Systems, Inc.’s (BCSI) Price Target Raised

Analysts Troy D. Jensen and Andrew J. Nowinski at Piper Jaffray have raised the price target for Blue Coat Systems, Inc. (NASDAQ: BCSI) from $32 to $35. The price target has been raised after the company reported solid results for the third-quarter.

The company reported revenue of $127.1 million for the third-quarter, beating the consensus estimate of $124.7 million. The company saw its gross margins improve by 40 basis points in the quarter, while the operating margins improved by 440 basis points. The company reported pro forma EPS of $0.37, exceeding the consensus estimate of $0.34. The company saw strength across its entire product segment in the quarter.

The company is Piper Jaffray’s top pick in the small cap universe. Analysts at Piper Jaffray continue to rate Blue Coat Systems, Inc. as an Overweight.