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