UPDATE: PIper Jaffray Raises PT on Polycom to $71

Piper Jaffray is out with its report today on Polycom (NASDAQ: PLCM), raising its PT from $64 to $71.

In a note to clients, Piper Jaffray writes, "Based on recent channel checks, we believe video conferencing demand is tracking above expectations for Q2 and anticipate Polycom will report another impressive quarter. Overall channel sentiment has been overwhelmingly favorable and we believe the UC market will be one of the fastest growing segments in IT this year. This market growth coupled with Polycom's improved execution and mind share gains with channel partners bodes well for the 2H of 2011 and beyond. Given our increased conviction regarding the demand outlook and Polycom's improved execution, we are raising estimates across the board, reiterating our Overweight rating, and increasing our price target to $71 from $64."

Shares of PLCM closed Wednesday at $58.87, up 0.03% from Tuesday's close.