Cantor Fitzgerald Downgrades Audiocodes (AUDC) to Hold After Negative 4Q Preannouncement

January 8, 2009 3:48 PM EST

Cantor Fitzgerald downgrades Audiocodes (Nasdaq: AUDC) from Buy to Hold. Price target lowered from $3.50 to $2.50.

Cantor analyst says, "While we continue to find AudioCodes' shares attractive at current levels, we do not see enough upside to continue our BUY rating. The company maintains $0.35 in net cash per share and has a tangible book of $1.07 per share. It is also cash flow positive and should continue to generate cash in FY:09, according to our model. Hence, we continue to see little downside from current levels."

"We believe that there are several risks associated with an investment in AUDC, including the continued acceptance of the company's systems-oriented products, increased competition and geopolitical risk."

AudioCodes Ltd. (AudioCodes) designs, develops and markets enabling technologies and system products for the transmission of voice, data, fax and multimedia communications over packet networks, which it refers to as the new voice infrastructure.

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