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Polycom shares fell Thursday as Cisco Systems ramped up competition in the video-conferencing market with its $3 billion acquisition of Norway's Tandberg.
Polycom [PLCM
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] shares had soared as high as $27.96 on Thursday, but then closed Thursday 4.4 percent lower at $25.57.
In a note to investors, Jefferies & Co. analyst William Choi said Cisco's acquisition "makes the competitive environment even more challenging for Polycom." Polycom is the second-largest provider of video-conferencing hardware in the world, based on market share. Tandberg [TADBY
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] is No. 1.
Choi said Tandberg has "solid" products, strong relationships with its customers and "significant scale."
However, analysts split on the possibility of a takeover of Polycom.
Choi said the Pleasanton, Calif., company has few suitors of its own. Its most-likely suitor, Avaya, just bought a large chunk of Nortel Networks [NRTLQ
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], the network-gear maker selling itself off in Chapter 11 proceedings. Another potential bidder, Hewlett-Packard [HPQ
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], is more focused on building its data center business, Choi said.
Given what San Jose, Calif.-based Cisco was willing to pay for Tandberg, Choi raised his price target for Polycom to $25 from $21. He maintained a "Hold" rating.
Morgan Keegan analyst Tavis McCourt called the Cisco deal a "positive" for Polycom shareholders. They "now own the next most obvious buyout candidate in a consolidating industry that larger tech vendors clearly are looking at with more interest," McCourt said. He kept an "Outperform" rating on the company.
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