UPDATE: Oppenheimer Initiates RRsat Global Communications Networks at Outperform

Oppenheimer is out with its report today on RRsat Global Communications Networks RRST, initiating RRST at Outperform. In a note to clients, Oppenheimer writes, "We're initiating coverage of RRsat Global Communications Network with an Outperform rating and a $9 price target. We believe the company's refocused strategy will have it back on track for sustained earnings growth starting in 2012 as it had from 2005 to 2009, when it grew an average of 17% a year. We believe RRsat can take advantage of a growing teleport industry as well as gain market share due to its unique offering as a cost-efficient audio/video distributor with a global reach and content management capabilities. We expect the company's initiatives will result in more and larger contract wins." At the time of posting, shares of RRST were trading at $6.94, up 1.76% from Tuesday's close.