UPDATE: Oppenheimer Increases Target to $26 on Allot Communications
Oppenheimer raises its price target to $26 from $20 on Outperform-rated Allot Communications (NASDAQ: ALLT) on strong March quarter demand.
Oppenheimer notes, "Based on our checks, we believe Allot is seeing strong demand in the March quarter and we expect the company to deliver results well above current consensus estimates. Our contacts point to strong demand in Europe (East and West), a potential bounceback in Vodafone revenues, continued momentum with fixed line operators and a gradual build of the US business. Overall we believe RFP activity in DPI (Deep Packet Inspection) remains strong and that Allot is executing well and maintaining a high win rate. Thus, we expect book-to-bill to remain above 1 in the quarter despite our view of strong top-line performance."
ALLT closed at $22.93 a share on Thursday.
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