UPDATE: Oppenheimer Raises PT to $36 on Constant Contact

Oppenheimer raises its price target on Constant Contact

to $36 from $33 based on the company's execution and numerus growth drivers. Oppenheimer notes, "While the market for local deals tools is highly competitive, we believe CTCT's offering is differentiated enough (attractive pricing, increased control for merchants, etc.) to see solid uptake in its installed base in the near/medium-term and, over time, to drive strong new customer additions to the franchise. Based on our growing confidence in CTCT's execution and its numerous growth drivers (social product, local deals solution, etc.), we are increasingly bullish on CTCT's ability to deliver upside to our 2012E. CTCT closed at $31.31 a share on Tuesday.