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U.S. Equity Research News
Long Starts Polycom (PLCM) at OUTPERFORM
July 31, 2009
Tim Long, senior analyst covering the Communications Equipment sector, has today initiated coverage of Polycom (PLCM) with an OUTPERFORM rating.
From Long's note: "We believe the enterprise video market will be one of the more resilient verticals during this economic downturn. We are modeling 10% growth for the sector in 2009, followed by a 20% increase in 2010. Polycom is very well positioned, with strong products across the different price categories, in our view. After a rough 2009, we expect a slight increase in the voice business next year. We also see the opportunity for meaningful operating margin expansion, with even more leverage if the economy recovers sooner. We are conservatively modeling 11% growth in video products in 2010 for PLCM, and our EPS estimates are still well above consensus."
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