UPDATE: Credit Suisse Upgrades Constant Contact On Positive Growth Outlook

In a report published Tuesday, Credit Suisse analyst Michael Nemeroff upgraded the rating on

from Neutral to Outperform, and raised the price target from $34.00 to $46.00. In the report, Credit Suisse noted, “We upgrade shares of CTCT to Outperform from Neutral due to our view that revenue growth will accelerate in 2015 and 2016 above current consensus growth forecasts, while the company continues to increase margins. Our new bottom-up ARPU analysis gives us more confidence in our above-consensus revenue growth and EPS estimates which are driven by an increasing mix of CTCT's bundled Toolkit product, which we estimate will generate higher overall ARPU and will cause revenue growth to accelerate towards the company's +20% growth target within the next two years.” Constant Contact closed on Monday at $38.26.