Oppenheimer Upgrades Broadsoft (BSFT) to Outperform

Oppenheimer upgraded Broadsoft (NASDAQ: BSFT) from Perform to Outperform with a price target of $44.00.

The analyst comments, "We believe BroadSoft should be a core holding for investors wanting exposure to the unified communication space, given its leading core technology and ample market opportunity. And with recent stock weakness—down ~16% from the recent 9/17 high of $42.60 (vs. S&P 500 of -0.3%)—which we think is unwarranted, now seems a prudent time to build a position. Our updated thesis is predicated on two notions: 1) continued strength in BroadSoft's core business BroadWorks driving earnings 22% higher in 2013; and 2) BSFT's software offering is better positioned than peers' to weather telco capex spending pressure as it's a tangible revenue driver for customers."

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 $35.88 yesterday.

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