UPDATE: Wells Fargo Upgrades Jive Software to Outperform on Share Pullback

Wells Fargo raised its rating on Jive Software

from Market Perform to Outperform as it believes shares are currently undervalued. Wells Fargo noted, "We upgrade Jive Software to Outperform from Market Perform as we believe the 50% share price retracement from its 2012 high in April, back to the mid-teens (vs. S&P 500's 3% gain) has created an attractive entry point. We think Jive is leveraged to a number of positive secular trends around engagement apps, Big Customer, and the consumerization of IT by bizumers. In our view, Jive should be able to grow at least 25-30% over the next few years as customers adopt their technology for both customer facing social CRM as well as internal productivity scenarios." Jive Software closed at $14.89 on Monday.