UPDATE: Wedbush Cuts PT to $35 on Broadsoft on Weak 2013 Outlook

Wedbush maintained Broadsoft

with a Buy rating and lowered the price target from $44.00 to $38.00. Wedbush noted, "We maintain our NEUTRAL rating due to risk to 2013 guidance given estimates that are skewed to 2H13, potential cannibalization of the core product by the recently launched cloud offering, and uncertainty on the magnitude of revenue uplift once carrier spending on VoLTE commences. Despite in-line Q4 revenue and a strong EPS beat, the outlook for Q1 and for FY13 for both revenue and EPS fell well short of expectations. Management cited expected declines in its consumer and professional service businesses for the shortfall." Broadsoft closed at $30.91 on Wednesday.