UPDATE: Pacific Crest Initiates Coverage On Sonus Networks
Pacific Crest released a note Monday in which analyst Ryan Hutchinson initiated coverage on Sonus Networks (NASDAQ: SONS) with an Outperform rating and a $6 price target.
Hutchinson says there may be as much as 50 percent upside to Sonus Networks as the company has successfully transitioned to an all-IP infrastructure vendor. He added that Sonus is likely to see double-digit revenue growth in 2014 and should capture a meaningful share of a rapidly growing market.
Shares of Sonus Networks are up over three percent in Monday's pre-market.
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