Piper Jaffray Comments On Polycom Q1 Results

According to Piper Jaffray, Polycom (NASDAQ: PLCM) delivered excellent Q1 results and is stringing together consistently strong quarters.

Piper Jaffray said that the ability to comfortably exceed expectations and guide above consensus in a challenging quarter with macro headwinds in Japan and the federal vertical speaks to the underlying strength for video equipment. “We also believe Cisco has frustrated a significant number of video resellers (certification requirements and ordering system snafu) and will likely lead to market share gains for Polycom in Q1, but more importantly, mind share gains with channel partners and the likelihood of better performance throughout 2011. We are reiterating our Overweight rating on PLCM shares and raising our price target to $64.”

Polycom closed the previous trading day at $51.90.