Piper Jaffray Downgrades Acme Packet (APKT) to Sell
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Piper Jaffray & Co. downgrades Acme Packet (Nasdaq: APKT) from Neutral to Sell. Price target $5.
Piper analyst says, "Given our belief that the economic headwinds will continue for the foreseeable future, coupled with the increased competition from recent consolidation and the likelihood of ongoing margin pressure, we are downgrading our rating to Sell...We believe consolidation in the SBC space could impact APKT's top line results and provide downward pressure on gross margins...Consensus estimates call for 10.3% and 11.0% sequential revenue growth in Q3 and Q4, respectively. We believe these estimates are overly aggressive."
Acme Packet, Inc. is a provider of session border controllers (SBCs) that enable interactive communications service providers to deliver interactive communications, voice, video and other real-time multimedia sessions, across defined border points where Internet protocol (IP) networks connect, known as network borders.
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