UPDATE: Stifel Nicolaus Initiates Buy, $28 on Brightcove

Stifel Nicolaus initiates its coverage on Brightcove BCOV with a Buy rating and a price target of $28 as the surge in connected devices and improvements in mobile data access push the Online Video Portal market, where the company is a leader, into the spotlight. Stifel Nicolaus says, "Brightcove has emerged as a leader in a segment of the market that is still considered to be nascent, but is rapidly emerging as web-based video content is now surging to screens well beyond the connected home. With smartphones, tablets, Smart TV, notebooks, netbooks and other connected devices growing exponentially in popularity, consumer brands are racing to deliver relevant content that is viewable on screens of all shapes and sizes." BCOV closed at $23.74 a share on Wednesday.