UPDATE: TW Telecom Shares Up Following Canaccord Upgrade

Shares of TW Telecom (NASDAQ: TWTC) are trading up approximately three percent Friday following an upgrade from Hold to Buy and price target raise from $27 to $35 at Canaccord Genuity.

Analyst Greg Miller wrote, "We are increasingly confident reaccelerating growth in the enterprise segment experienced in Q1 is sustainable, as the company is beginning to execute its plan to expand new and existing markets."

Miller explained that based on TW's strong Q1 results he has raised his enterprise revenue growth estimate back into the double digits. Furthermore, Miller believes that higher margins and normalizing capital expenditures should provide an increase to free cash flows.