UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Calix on Lower Q4 Numbers

In a report published Wednesday, Jefferies reiterated its Buy rating on Calix

, and raised its price target from $7.75 to $10.50. Jefferies noted, “Calix's Q4 numbers were slightly above expectations. We continue to like the risk/reward on the stock given a number of important catalysts: 1) international growth; 2) market share capture at Qwest/CenturyLink and Verizon/Frontier; 3) improving Tier 3 regulatory/spending environment; and 4) margin expansion.” Calix closed on Tuesday at $8.51.