UPDATE: Oppenheimer Holdings Upgrades BroadSoft to Outperform, Sets $44 PT

In a report published Friday, Oppenheimer Holdings upgraded its rating on BroadSoft

from Perform to Outperform, and set a $44.00 price target. Oppenheimer noted, “We believe BroadSoft should be a core holding for investors wanting exposure to the unified communication space, given its leading core technology and ample market opportunity. And with recent stock weakness—down ~16% from the recent 9/17 high of $42.60 (vs. S&P500 of -0.3%)—which we think is unwarranted, now seems a prudent time to build a position. Our updated thesis is predicated on two notions: 1) continued strength in BroadSoft's core business BroadWorks driving earnings 22% higher in 2013; and 2) BSFT's software offering is better positioned than peers' to weather telco capex spending pressure as it's a tangible revenue driver for customers. We upgrade BSFT to Outperform from Perform and introduce a price target of $44.” BroadSoft closed on Thursday at $35.88.