Broadsoft (BSFT) PT Lifted to $36 at Needham & Company

Needham & Company analyst Richard Valera reiterated a Buy rating and boosted his price target on Broadsoft (NASDAQ: BSFT) to $36.00 (from $30.00) following a strong finish to 2014 and encouraging outlook for 2015.

Valera commented, "n 4Q14, BSFT delivered its 3rd strong quarter in a row and reinforced its prior bullish growth commentary on 2015 based on recent and expected transformational deal signings. It appears Broadsoft's success in securing these deals has put its business on firmer growth footing and helping improve its quarterly predictability. As well, we believe investors--perhaps feeling burned by the company's historic volatility--have been slow to give BSFT credit for the improved dynamics of its business. We believe this sets BSFT up well for further multiple expansion in 2015. Reiterate Buy, PT to $36 (was $30), ~17x ex-cash 2016E NG EPS."

2015 goes to $263MM/$1.54 from $252MM/$1.52. We introduce 2016 estimates of $303MM/$1.89.

For an analyst ratings summary and ratings history on Broadsoft click here. For more ratings news on Broadsoft click here.

Shares of Broadsoft closed at $29.99 yesterday.

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