Ooma (OOMA) PT Raised to $23 at Benchmark on Ooma AI Launch
Benchmark analyst Matthew Harrigan raised the price target on Ooma (NYSE: OOMA) to $23.00 (from $20.00) while maintaining a Buy rating.
The analyst commented, "We maintain a BUY rating on Ooma and are increasing our price target to $23 from $20 as Ooma continues to advance the appeal of its remarkably broad product bouquet. This is as this morning Ooma introduced Ooma AI, offering a comprehensive bouquet of capabilities including AI Transcriptions, AI Answering Service, AI Receptionist (beta), AI Insights (beta) and an Open AI integration. This is not a surprise given management’s AI awareness but should showcase Ooma's demonstrated facility with ease of use in embedding AI directly into the Ooma Office UCaaS platform with seamless integration of routine tasks and real-time provision of information. This is incidentally not the immediate impetus for the PT increase, as Ooma is making rapid progress on blocking and tackling margin improvements. Even more significantly, we remain especially keen on AirDial’s potential as the premier copper line replacement product for commercial use – even if financial impact had initially been slower than desired given more extended sales and installation processes."