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Sandvine targets raised Add to ...

Sandvine Corp. is gaining traction on the TSX Thursday morning after Canaccord Adams and RBC hiked their price targets on the company's third-quarter revenue beat. Peter Misek at Canaccord offers high praise, calling Sandvine the "pre-eminent mid-cap technology play in Canada and one of the pre-eminent global technology plays." The company develops equipment for broadband service providers to manage and provide security for network traffic. His price target goes up to $12 from $9, based on estimated 2008 profit of 40 cents a share and a multiple of 30. Steve Arthur at RBC was more restrained in his praise, detailing the company's stronger growth outlook, but warning that "risk/reward remains balanced." Specifically, he figures expectations of further contract announcements and strong growth are largely reflected in the share price and in street expectations, while the risk of a quarterly "glitch" remains. He raised his price target to $7 from $6.25. The stock is changing hands at $7.09, up 2 per cent, after hitting a 52-week high of $7.30 on Wednesday.

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