UPDATE: Oppenheimer Raises PT to $20 on Tangoe

Oppenheimer reiterates its Outperform rating on Tangoe

and raises its price target to $20 from $17 on solid fourth quarter results. Oppenheimer says, "Tangoe continues to gain share of worldwide fixed/mobile communications spend (manages $16.8B of the ~$425B TAM), and recent acquisitions of ProfitLine (12/19) and Anomalous Networks (1/10) broaden its CLM portfolio, increase scale, and present additional up/cross-sell opportunities. We believe Tangoe can continue to deliver double-digit EPS/revenue growth through a variety of drivers (e.g., greenfield opportunities, penetrate existing customers, international expansion, leverage in the model, deepen alliances, proliferation of mobile devices) for the foreseeable future." TNGO closed at $16.81 a share on Wednesday.