UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Mavenir Systems as VoLTE Momentum Builds

In a report published Friday, Morgan Stanley analyst James E. Faucette reiterated an Overweight rating on

, but lowered the price target from $20.00 to $14.00. In the report, Morgan Stanley noted, “The migration of services to 4G LTE over the next several years drives a growing mix of high margin software revenue. Lumpy carrier spending patterns and timing uncertainty for VoLTE and RCS deployments create quarterly volatility, but the l-t opportunity remains on track and begins to accelerate in 2015. MVNR trades towards the upper end of the peer group range as the growing software mix increases the company's growth and margin profile.” Mavenir Systems closed on Thursday at $11.64.