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Tangoe (TNGO) PT Lifted To $25 By Deutsche Bank, 'Buy' Reiterated

 April 09, 2012 05:57 PM

Deutsche Bank (DB) raised its price target on shares of Tangoe Inc. (NASDAQ:TNGO) to $25 from $20, while reiterating its "Buy" rating.

Tangoe completed its follow-on offering of 9.2 million shares, of which 7 million were secondary and 2.2 million were primary, at $18.50 per share. Business for the company remains strong as integration of recent acquisitions is proceeding well.

The brokerage believes the company will stay disciplined in its acquisitions as the focus shifts away from scale to geographic and technology-focused assets. The firm updates its model for the new primary shares and reiterated its rating, while raising its price target.

Tangoe is a global provider of on-demand communications lifecycle management (CLM), software and related services to a range of enterprises, including large and medium-sized businesses, and other organizations.

TNGO closed Monday's regular trade down 4.09% at $18.54.

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