UPDATE: Oppenheimer Initiates Acme Packet at Perform Due to Lack of Investor Enthusiasm and Macro Concerns

Oppenheimer initiated its coverage on Acme Packet APKT with a Perform rating as it said it is waiting for investors to regain confidence before getting more constructive on the name. Oppenheimer noted, "Typically, we like to hitch our cart to the lead horse; however, macro concerns and lack of investor enthusiasm prompt us to begin coverage on the sidelines. APKT leads the market share in session management over IP networks. Its claim to fame is the session border controller. There's a lot to like about APKT: over 1,600 customers in 107 countries (82 of the top 100 service providers and 42 of the Fortune 100), translating to 60% market share in the carrier space and 25% in enterprise, markets that we believe will grow at a 20% CAGR to 2015." Acme Packet closed at $17.46 on Wednesday.