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Baird Upgrades Tekelec

Baird upgrades Tekelec (TKLC) to outperform from neutral.

Analyst Kenneth Muth says he upgrades because the stock has fallen about 20% in the last 30 days, and believes fundamentals remain strong.

He expects Tekelec to beat the fourth-quarter's Street consensus based on stronger Signaling and Switching revenue. He believes the Sprint/Nextel merger will have little impact on the company's revenue, and could be positive, as was the case with Cingular/AT&T Wireless.

Muth also believes Paul Pucino's (CFO) decision to leave the company is not related to destructive company issues, but rather quality of life. He ups his target to $28, based on sum-of-the-revenue parts valuation.

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