UPDATE: Deutsche Bank Raises PT to $55 on Tangoe

Deutsche Bank maintains its Buy rating on NetApp TNGO and raises its price target by $2 to $20 on strong growth to organic revenue. Deutsche Bank says, "Tangoe reported 4Q11 revenue/EPS of $29.2m/$0.08 vs. our/consensus of $28.1m/$0.07. Adjusting for one-time and inorganic contribution, the effective revenue beat was about $550k, equating to organic revenue growth of 26% y/y, about 27% on recurring revenue. FY12 guidance of $138m at the midpoint implies 14% organic growth, we believe leaving room for outperformance as recent momentum points to >20% organic growth." NTAP closed at $16.81 a share on Wednesday.