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Acme Packet rises after upgrade on stock price

Acme Packet rises after Cantor Fitzgerald upgrades, citing recent drop in stock price

  • On 11:06 am EDT, Wednesday September 2, 2009

NEW YORK (AP) -- Shares of communication equipment maker Acme Packet Inc. rose nearly 5 percent in morning trading Wednesday after a Cantor Fitzgerald analyst upgraded it to "Buy" from "Hold."

Acme Packet's stock has fallen to an "attractive" level, said analyst Edward Jackson in a note to investors. Shares have dropped nearly 30 percent since hitting their highest point in 12 months on July 31.

He said he is "comfortable" with his outlook for the third quarter, which is in line with that of analysts polled by Thomson Reuters. They expect earnings per share of 7 cents.

Jackson maintained his $9.50 price target. Shares on Wednesday rose 37 cents, or 4.8 percent, to $8.03 in morning trading.

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