Wedbush Morgan Upgrades Ulticom (ULCM) to Hold
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Wedbush Morgan upgrades Ulticom (OTC: ULCM) from Buy to Hold. Price target lowered from $9 to $5.
Wedbush analyst says, "We are upgrading to BUY from HOLD, as shares of Ulticom trade below net cash per share and the company remains profitable. We believe revenue is stable due to end market exposure and new products. Profitable business model likely remains intact. We are reducing FY08 estimates to take a more conservative approach given the macro environment. With net cash $6.32 per share, we believe there is material upside, but Ulticom needs to file its financials."
Ulticom, Inc. provides the telecommunications industry with signaling software that enables development and deployment of mobility, location, payment, switching and messaging services within wireless, Internet protocol (IP) and wireline networks.
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