UPDATE: Wunderlich Initiates NetSuite at Hold

Wunderlich is out with its report today on NetSuite (NYSE: N), initiating N at Hold.

In its report, Wunderlich writes, "We are initiating coverage of NetSuite Inc. with a Hold rating and $31 price target. NetSuite's SaaS-based Enterprise Resource Planning solutions bring the top-tier class functionality of former licensed software offerings to the mid-market at a fraction of their costs."

Shares of N closed Tuesday at $32.48, up 1.85% from Monday's close.