UPDATE: Deutsche Bank Ups PT to $25 on Tangoe
Deutsche Bank raises its target price from $20 to $25 on Buy-rated Tangoe (NASDAQ: TNGO) as it revises model following primary and secondary equity tender.
Deutsche Bank comments, "Tangoe completed its follow-on offering of 9.2m shares, of which 7m were secondary and 2.2m primary, at $18.50 per share. Business for the company remains strong as integration of recent acquisitions is proceeding well. We believe the company will stay disciplined in its acquisitions as the focus shifts away from scale to geographic and technology-focused assets."
TNGO closed at $19.33 on Friday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.