UPDATE: Pacific Crest Initiates Coverage On Sonus Networks

Pacific Crest released a note Monday in which analyst Ryan Hutchinson initiated coverage on Sonus Networks 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.