UPDATE: Needham & Company Starts AudioCodes (AUDC) at Buy
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(Updated - June 21, 2021 4:17 PM EDT)
Needham & Company analyst Ryan Koontz initiates coverage on AudioCodes (NASDAQ: AUDC) with a Buy rating and a price target of $40.00.
The analyst commented, "We initiate coverage of AUDC with a Buy rating and a PT of $40. We see AUDC as the global leader in enterprise session border controllers, a software product segment that is benefiting from cloud voice adoption, including UCaaS and CCaaS. We think AUDC has a strong product portfolio and, most importantly, is tightly integrated with the Microsoft Teams (MSFT, not rated) ecosystem, now with > 145M DAUs.
We view consensus revenue estimates as achievable and think that the easing of pandemic restrictions is unlikely to slow global adoption. Our $40 price target is equivalent to an EV/Sales multiple of 4.6x our F22 estimate."
Shares of AudioCodes closed at $33.68 yesterday.
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