UPDATE: Ascendiant Raises PT on LeapFrog Enterprises from $13 to $15

Ascendiant reiterated a Strong Buy rating on LeapFrog Enterprises

and increased its price target from $13 to $15. Ascendiant wrote, “LeapFrog reported Q2 results that were much better than expectations. Revenue was up 31% as the LeapPad had continued strong sales and from continued strength in international. In Q2, consumer sales were again solid, as retail POS continued to be up (up double digits similar to Q1). International growth was strong again at +46% (vs. +49% in Q1). LeapFrog benefited from lower retail inventory (compared to last year), strong content sales, and continued high demand for LeapPad.” LeapFrog Enterprises closed at $11.48 on Wednesday.