UPDATE: Oppenheimer Raises PT to $27 on magicJack VocalTec

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Oppenheimer raises its price target to $27 on Outperform-rated magicJack VocalTec (NASDAQ: CALL) on solid execution.Oppenheimer says, "Results in 4Q11 came in slightly better than our estimates (as pre-announced on February 16th) on strong volume growth (new devices, but particularly renewals) and better expense management. We are increasing our estimates for 2012-13 EPS to $1.15 (from $1.00) and $1.80 (from $1.60). New product launches expectedin 4Q12 (not factored in our model) should provide further upside to 2013. Revenuegrowth should slow in 2Q and 3Q, and pick up again with new products in 4Q12."CALL closed at $24.19 a share on Thursday.

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