I wasn't going by what Yahoo! shows as the company's target price ($49)...my analysis had nothing to do with price targets....I think you misinterpreted and I probably should have been more clear. The annual EPS estimate was $3.67. The price was about $25.50..so the forward P/E was about 7.
If one accepts that this stock should be trading close to the average P/E of the Russell 2000 (17), then it would be fair to assume that the price would double if earnings were in-line with the estimates.
However, the company has released earnings since then and it now looks more likely that it will earn closer to $2 rather than $3.67. Based on this analysis the forward P/E is $24/2=12 if we assign a ceiling of 17 P/E then we can assume that the highest this stock can trade is $34.