UPDATE: Jefferies Upgrades Sonus Networks on Guidance Commitment

In a report published on Wednesday, Jefferies analyst James Kisner Upgraded

from a Hold to a Buy Rating and raised the price target from $2.25 to $3.50. In the report, Jefferies stated, "We expect Sonus to continue to meet or exceed investor expectations in 2013 and 2014 given 1) the ongoing adoption of SIP Trunking and Hosted PBX by Enterprises, 2) the eventual adoption of VoLTE and other IP-based real-time services such as Videoconferencing by Service Providers, and 3) share gains in both Enterprise and Service Provider side." Sonus Networks closed on Tuesday at $2.40.