Wedbush Reiterates an 'Outperform' on Neutral Tandem (TNDM); More Positive After Solid Q3

November 5, 2009 10:23 AM EST

Wedbush reiterates an Outperform rating on Neutral Tandem (Nasdaq: TNDM), lowers price target from $36 to $31.

Wedbush analyst says, "We feel more positive regarding Neutral Tandem given solid Q3 results, increased guidance, an effective addressing of competitive concerns, new market opportunities, and attractive valuations...Q3 results exceeded expectations yet again...Company is effectively addressing competition and competitive concerns...New services quickly expanding Neutral Tandem's addressable market opportunity...Generally maintaining our Street high estimates, as 2009 guidance is upped again, though we view it as conservative."