UPDATE: Jefferies Raises PT to $40 on Acme Packet; Improved Earnings Visibility

Jefferies increases its price target from $35 to $40 on Buy-rated Acme Packet APKT following an in-line Q1 and encoraging outlook. Jefferies notes, "Acme Packet reported Q1 results roughly in line with Street expectations and reiterated full-year revenue guidance. We found the company's commentary around improving visibility encouraging. We're reiterating our Buy Rating." APKT closed at $28.22 on Wednesday.