UPDATE: Wedbush Upgrades Allot Communications on Signs of Booking Momentum and Improving Visibility

In a report published on Wednesday, Wedbush analyst Sanjit Singh upgraded Allot Communications ALLT from Neutral to Outperform and raised the price target on the company from $15 to $17.

In the report, Wedbush stated, "Our upgrade is based on signs that bookings, most OUTPERFORM notably Europe but also in North America, appear to be improving; valuation (from NEUTRAL) appears attractive given long term growth prospects of 20%+, and follow on opportunities with the company's strategic accounts should help sustain the recovery in sales from the company's recent lows. Based on our discussion with our channel contacts, we think the environment remains challenging overall; however, penetration of the company's large customers is improving and we believe Allot is well-positioned to secure additional follow-on orders in upcoming quarters."

Allot Communications closed on Tuesday at $13.38.