UPDATE: Oppenheimer Upgrades TW Telecom on Strong Q1 to Outperform

Oppenheimer upgraded TW Telecom (NASDAQ: TWTC) from Perform to Outperform in a research report published today. Oppenheimer has a $30 PT on the company.

In the report, Oppenheimer stated, "Reports by cloud focused companies have confirmed continued strong enterprise buying patterns in 1Q12, and we believe with some help from the economy and the launch of new solutions (which we believe are very meaningful differentiators), TWTC is well positioned to exit 2012 at double-digit revenue growth. We see further improvements to the balance sheet from expected ramp in FCF generation LT."

Shares of TW Telecom closed up over 5% yesterday at $22.69.