Oppenheimer Has Outperform On Premiere Global Services (PGI)

Oppenheimer & Co. has an Outperform rating and a $9 price target on shares of Premiere Global Services PGI. In a note to clients, Oppenheimer writes, "We expect further stabilization in core business trends for PGI's upcoming 4Q10 earnings. Importantly, with the sale of the PGiSend business in the third quarter, the firm should be able to focus resources on the core IP communications business, which will become its key growth driver going forward. In this regard, the ongoing beta test of the iMeet platform continues to garner positive feedback from customers, and appears on track for early 1Q launch. While this should have little near-term top-line impact, we expect the platform to generate long-term growth opportunities. Near term, we expect core conferencing trends to remain stable, though volumes have not yet begun to materially pick up (not likely before broad gains in employment). Maintain Outperform." Shares of PGI lost 1 cent yesterday to close at $6.86.