UPDATE: Wedbush Securities Cuts PT to $17 on Tangoe on Long-Term Uncertainty

Wedbush Securities reiterated its Outperform rating on Tangoe

and reduced its price target from $28 to $17. Wedbush Securities said, "While we have had some increased concerns regarding the scale of Tangoe's SaaS-based business model given meaningful services focus, we are encouraged by upside Q3 results, positive Q4 guidance, and expectations for continued growth into 2013. While we are lowering our long-term margin assumptions, we find shares reasonably valued at current levels." Tangoe closed at $12.88 on Tuesday.