Cantor Fitzgerald Cuts PT on Acme Packet (APKT) to $11; Maintains Buy
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Cantor Fitzgerald maintains a Buy rating on Acme Packet (Nasdaq: APKT), but lowers its price target from $12 to $11, following the company's Q1 earnings.
The firm said its new price target on Acme Packet is based on 20x its FY90 operating EPS estimate of $0.44 and its FY08 cash estimate of $2.45. Cantor mentions this valuation places shares of Acme Packet at the low end of the firm's expected 20-30% bottom line growth over the next 3-5 years.
Acme Packet, Inc. provides session border controllers (SBC) that enable service providers to deliver interactive communications voice, video, and multimedia sessions across Internet protocol (IP) network borders. [BCS]
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