UPDATE: Needham & Company Starts 8x8 (EGHT) at Buy

June 21, 2021 4:10 PM EDT
Get Alerts EGHT Hot Sheet
Price: $25.78 -1.9%

Rating Summary:
    13 Buy, 7 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 27 | New: 42
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - June 21, 2021 4:18 PM EDT)

Needham & Company analyst Ryan Koontz initiates coverage on 8x8 (NYSE: EGHT) with a Buy rating and a price target of $32.00.

The analyst commented, "We initiate coverage of EGHT with a Buy rating and a PT of $32. We see EGHT as a UCaaS segment challenger with increasing momentum. EGHT's strong position in UCaaS, which is benefiting from cloud adoption, digital transformation, and work location flexibility, is complemented by bundled in-house CCaaS and video collaboration products. We see the strong EGHT technology stack as its primary competitive weapon as it retools its enterprise GTM under new CEO David Sipes, who we expect to significantly improve execution.

We view consensus revenue estimates as achievable and think its unlikely that the easing of pandemic restrictions will slow global UCaaS adoption. With the recent pull-back in EGHT stock, we see its current valuation as an attractive entry point. Our $32 price target is based on an EV/Sales multiple of 5.6x our F23 estimate."

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 $26.24 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, New Coverage

Related Entities

Needham & Company