Needham & Company Starts AudioCodes (AUDC) at Buy

Needham & Company initiates coverage on AudioCodes (NASDAQ: AUDC) with a Buy rating and a price target of $9.00.

Analyst Richard Valera states, "We believe AudioCodes is poised to benefit from the rapid adoption of Unified Communications (UC) solutions as enterprises look to reap the productivity benefits yielded by UC functions such as messaging, presence and mobility, while also benefiting from the reduced cap-ex and increased flexibility of cloud-based deployment models. With the company's core Networking segment expected to see 12-15% growth over the next few years, we see AUDC as likely delivering sustained double-digit top-line growth, with substantially faster bottom-line growth."

For an analyst ratings summary and ratings history on AudioCodes click here. For more ratings news on AudioCodes click here.

Shares of AudioCodes closed at $6.76 yesterday.

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