Piper Jaffray Raises PLCM Target To $51 Following Excellent Q4 Results

Polycom, Inc. (NASDAQ: PLCM) delivered excellent Q4 results and the recent string of impressive growth and leverage clearly signals the company's improved execution in an exceptionally healthy market, Piper Jaffray reports.

“Sales grew 10.2% q/q to $339.6M, beating the consensus by $11.9M and expanding OMs 140 bps to 16.5%,” Piper Jaffray writes. “We continue to believe the UC market will experience strong results this year and any lingering fears regarding Cisco dampening Polycom's growth opportunities should be allayed now, with Polycom showing improved execution and competitive technologies.

“We are reiterating our Overweight rating on PLCM shares and raising our PT to $51.”

Polycom closed Thursday at $38.18.