UPDATE: BofA Securities Upgrades 8x8 (EGHT) to Buy

(Updated - August 8, 2022 2:03 PM EDT)

BofA Securities analyst Michael Funk upgraded 8x8 (NYSE: EGHT) from Neutral to Buy with a price target of $7.00.

The analyst comments "We upgrade 8x8 shares to Buy from Neutral. 8x8 shares sold off 15% following the company’s convertible debt refinancing, which carries equal potential dilution as the prior convertible debt and was expected. Economic headwinds and competitive pressure remain risks to revenue growth, but recent negative estimate revisions reflect these concerns and valuation discounts an overly bearish assessment, in our view. We believe that the selloff was due, in part, to incremental delta hedging to a greater degree than a negative fundamental shock associated with the refi or more cautious assessment of the business."

For an analyst ratings summary and ratings history on 8x8 click here. For more ratings news on 8x8 click here.

Shares of 8x8 closed at $4.49 yesterday.

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