Polycom Upgraded to “Buy” by Goldman Sachs (PLCM)
Goldman Sachs upgraded shares of Polycom (NASDAQ: PLCM) from a neutral rating to a buy rating in a research report sent to investors on Wednesday morning, TheFlyOnTheWall.com reports. The firm currently has $14.00 price target on the stock, up from their previous price target of $11.00.
“After significant underperformance in 2012, Polycom’s shares have again lagged the Russell 2000/S&P 500/NASDAQ by 9%/7%/5% YTD as concerns that the technology transition underway in the company’s core videoconferencing market have continued to weigh on shares. Because of this transition, we do not expect the hardware videoconferencing market will return to the mid-teens % revenue growth seen from 2009-2011, but we do believe the market will return to growth in 2013 following 2012′s decline.,” the firm’s analyst wrote.
A number of other analysts have also recently weighed in on PLCM. Analysts at Zacks reiterated a neutral rating on shares of Polycom in a research note to investors on Monday, February 18th. They now have a $10.00 price target on the stock. Separately, analysts at Stifel Nicolaus downgraded shares of Polycom from a buy rating to a hold rating in a research note to investors on Thursday, February 14th. They now have a $13.00 price target on the stock. Finally, analysts at Barclays Capital raised their price target on shares of Polycom from $9.00 to $11.00 in a research note to investors on Thursday, January 24th. They now have an equal weight rating on the stock.
Thirteen investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $12.86.
Shares of Polycom (NASDAQ: PLCM) opened at 11.40 on Wednesday. Polycom has a 52 week low of $7.45 and a 52 week high of $20.67. The stock’s 50-day moving average is currently $10.21. The company has a market cap of $2.018 billion and a P/E ratio of 207.27.
Polycom, Inc. is a provider of unified communications (NASDAQ: PLCM) solutions and a provider of telepresence, video, voice and infrastructure solutions based on open standards.
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