UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Mitel Networks Corporation Following CFO Meeting

In a report published Friday, Bank of America analyst Kiera Kilkowski reiterated a Buy rating on Mitel Networks Corporation

, and slightly raised the price target from $4.25 to $4.75. In the report, Kilkowski noted, “We met with Steve Spooner, CFO of Mitel, and view the meeting's overall positive tone as evidence that Mitel's turnaround is on track. The meeting focused on the constructive strategic and financial steps the company has taken to improve its position, including divesting a non-core business, upgrading its go-to-market strategy and hiring new sales management to further improve execution. Mitel also continues to invest in longer-term opportunities such as its cloud offerings and leveraging its technological advantage with its virtualized solutions. Most importantly, Mitel refinanced its $304mn debt, pushing out maturities, which helps reduce this overhang on the stock. We model conservatively, as the macro backdrop remains lackluster; however, we believe there is ample leverage in the model as the turnaround gains traction. We are increasing our PO to $4.75 from $4.25 and maintaining our Buy rating.” Mitel Networks Corporation closed on Thursday at $3.93.