UPDATE: Wedbush Initiates Interactive Intelligence Group with Neutral Awaiting Better Entry Point

In a report published Friday, Wedbush analyst Shyam Patil initiated coverage on Interactive Intelligence Group ININ with a Neutral rating and $53.00 price target. In the report, Patil noted, “We are upbeat on the company and its long-term opportunity, but are initiating with a NEUTRAL as we await a better entry point. The stock is up 45% YTD vs. the Russell 2000, up 11%, and is trading at an EV/sales of 3.2x 2013 and 2.8x 2014, which is toward the upper end of its forward-12-month EV/sales multiple range of 1.3x-3.2x (mean of 2x) over the past two years. Positioned as the leading technology provider in the contact center software market. While not a market share leader yet, we believe ININ is positioned as the leading technology player in the contact center software market for both on-premise and cloud solutions.” Interactive Intelligence Group closed on Thursday at $49.67.