UPDATE: Needham & Company Starts Bandwidth Inc. (BAND) at Buy
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(Updated - June 21, 2021 4:20 PM EDT)
Needham & Company analyst Ryan Koontz initiates coverage on Bandwidth Inc. (NASDAQ: BAND) with a Buy rating and a price target of $155.00.
The analyst commented, "We initiate coverage of BAND with a Buy rating and a PT of $155. We see BAND as a global leader in the fast-growing CPaaS market, where it specializes in migrating voice services to the cloud (including UCaaS) from legacy telecom infrastructure and is a challenger in API-driven messaging. Despite an increasingly competitive and complex CPaaS landscape, we see BAND's innovation and scale in voice among global leaders as a sustainable advantage.
We view consensus revenue estimates as achievable and believe the easing of pandemic restrictions is unlikely to slow global CPaaS and UCaaS adoption. With the pull-back in high-growth valuations, we see BAND's current share price as an attractive entry point. Our Price Target of $155 is equivalent to an EV/Sales multiple of 7.8x our F22 estimate."
Shares of Bandwidth Inc. closed at $131.85 yesterday.
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