UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Mitel Networks Corporation on In-Line January Quarter Results

In a report published Friday, Canaccord Genuity reiterated its Buy rating on Mitel Networks Corporation

, and slightly raised its price target from $4.00 to $5.00. Canaccord Genuity noted, “We reiterate our BUY rating and raise our price target to $5 following largely in-line Jan Q results and slightly soft guidance. We view the debt refinancing with favorable terms as a positive, as it removes one of the key overhangs on the stock. We continue to view MITL as well positioned in leading virtualized UC applications, with upside potential to our estimates from continued operating leverage.” Mitel Networks Corporation closed on Thursday at $3.98.