UPDATE: Oppenheimer Initiates BroadSoft at Perform on Macro and Competitive Concerns

Oppenheimer initiated its coverage on BroadSoft BSFT with a Perform rating, as it believes the company's opportunities are currently offset by macro concerns and a competitive market. Oppenheimer said, "BroadSoft's communication software enables telecommunication service providers to deliver voice and advanced multimedia communications over their IP-based networks. As the leader in a rapidly expanding market, BroadSoft directly benefits from ongoing adoption of voice over nternet Protocol and unified communications services. The company is well positioned to strongly grow revenue/earnings as we see these markets as having a long growth trajectory. However, with macro concerns and what we see as a highly competitive market, we take an initial wait-and-see approach." BroadSoft closed at $20.37 on Wednesday.