Zacks’ neutral recommendation of video conferencing specialist Polycom’s shares has been re-confirmed, utahpeoplespost.com reports.
In a statement, the stock rating body revealed that Polycom’s results from the first quarter of 2013 went above and beyond Zacks’ Consensus Estimate; allowing Zacks to re-affirm the neutral status.
The news came as a result of Polycom’s significant advances in recent years, Zacks stated and its latest partnership agreement with AT&T. The statement continued: “Polycom currently is in the midst of its transition from hardware-centric to cloud and software-centric business model.
“Meanwhile, Polycom has made several product enhancements… We believe that Polycom is currently fairly valued as the stock price soared 51 per cent in the last year.”
Other stock rating leaders, such as Mizuho and Piper Jaffray, have maintained a neutral status for Polycom too. Meanwhile, two other analysts have given Polycom’s stock a ‘buy’ rating and nine have issued a ‘hold’ rating.
It is likely that, in addition to Polycom’s technological advancements and business transitions, its decision to launch a $100 million (£65m) share buyback scheme will have boosted its popularity as well – as well as further cementing its place in the video conferencing industry, which Zacks said is becoming “immensely competitive”.