Josh Burwick
Long/short equity, growth at reasonable price, tech, Venture capital

Tailwinds Galore For BroadSoft In 2014: 50% Potential Upside

BroadSoft (NASDAQ:BSFT) has recovered nicely from its shortfall post Q4 when it reduced guidance for 2013 (see my bullish article). The stock has recovered some of the carnage as Q1 beat solidly, but in the words of BTO - "You ain't seen nothing yet." Management smartly upsided Q1 earnings but left full year EPS guidance of $1.10-1.35 unchanged (note consensus $1.24). The stock appears stuck around the $30 level or 19x forward consensus EPS, a modest discount to the roughly 23x forward P/E the stock has traded at over the last three years. CFO James Tholen appeared at four conferences in May/June after reporting Q1 earnings with an upbeat message. Tholen highlighted that the macro environment

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