UPDATE: Jefferies Maintains Sonus Networks at Hold and Raises PT on Encouraging Outlook

In a report published Friday, Jefferies maintained Sonus Networks

at Hold and raised the price target from $1.75 to $2.50 based on solid Q4 sales and Verizon

win. Jefferies reported that, “Q4 revenue grew 31% Q/Q to $75.1m, a bit shy of our $79.1m expectation (Street = $78.4m). Importantly, SBC revenue – the expected driver of Sonus' future growth – hit $26.1m vs. our $25.5m expectation. Q4 EPS at $0.01 beat our (and the Street's) breakeven projection. The EPS upside came from lower-than-expected operating expenses driven by expense reduction/restructuring activity.” Sonus Networks shares closed at $2.45 on Thursday.