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Pacific Growth Upgrades Sonus Networks

Sonus Networks (SONS) posted 4 cents second-quarter earnings per share on a 37% revenue rise. Pacific Growth upgraded the stock to overweight.

Analyst Joe Noel says the company posted strong upside to second-quarter estimates mainly due to revenue growth from wireless carriers and increased acceptance of new product lines. He upgrades from equal-weight based on an exceptionally strong second quarter, continuing strong margins, expanding customer list, growing deferred revenues, and improved prospects in the wireless industry.

Noel raised his 2005 estimates to 6 cents EPS on $194 million in revenues from 1 cent EPS on $173 million in revenues, and his 2006 estimates to 13 cents EPS on $247 million in revenues from 11 cents EPS on $230 million in revenues. He sees potential upside to his new estimates, based on new customers and other factors.

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