UPDATE: M Partners Reiterates Buy Rating, Raises PT on Mitel Networks Corporation

In a report published Friday, M Partners reiterated its Buy rating on Mitel Networks Corporation

, and slightly raised its price target from $4.50 to $5.00. M Partners noted, “We believe that Mitel has a low exposure to hardware, and with its virtualization strategy, strong differentiation, which makes Mitel Networks' earning leverage among the highest of its peers. As the company continues to build market share, there is higher possibility that in H2'13, revenue performance could exceed our estimates, especially if macro uncertainty declines.” Mitel Networks Corporation closed on Thursday at $2.56.