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Tuesday, Nov 5
BroadSoft downgraded by Pacific Crest, Jefferies defends
- Pacific Crest promptly downgraded BroadSoft (BSFT) to Perform from Outperform, citing a weak Q3 and soft guidance given eroding fundamentals.
- Jefferies trimmed its FY2013/2014 EPS estimates to $1.21/$1.60 from $1.30/$1.80 and its PT to $38 ($39.75 previous) but reiterated a Buy rating. Analyst George Notter thinks today's weakness presents a buying opportunity given BroadSoft's strong growth prospects in the Hosted PBX/SIP Trunking space and the optionality of long-term success in the FMC/VoLTE space.
- Shares -19.7% pre-market