UPDATE: Benchmark Reiterates Buy Rating, Raises PT on inContact on Solid Quarter

In a report published Friday, Benchmark reiterated its Buy rating on inContact

, and slightly raised its price target from $7.00 to $8.00. Benchmark noted, “inContact ended the year on a high note, delivering total revenue, subscription revenue and GAAP EPS ahead of our estimates, in a quarter that saw increasing enterprise acceptance of contact center software delivered as a cloud service. Management renegotiated its distribution agreement with Siemens, which, in our opinion, takes an issue off the table that has probably become the biggest investor concern of late and the issue that's become the rallying cry for the bear case on the stock. Trading at 2.3x EV/2013E revenue compared with 3x to 5x for its peers, we continue to expect the valuation gap between SAAS and other quality small-cap cloud stocks will close as investors gain confidence in the management's strategy and sales execution. We reiterate our Buy rating and we're moving our price target ahead to $8 from $7.” inContact closed on Thursday at $6.01.