8x8 (EGHT) PT Raised to $25 at Needham & Company Following 4Q

Needham & Company analyst Richard Valera raised the price target on 8x8 (NYSE: EGHT) to $25.00 (from $22.00) while maintaining a Buy rating following the company's 4Q earnings report. Revenue of $93.8MM exceeded consensus of $93.0MM while NG EPS of $(0.09) missed the $(0.06) consensus.

New CFO Steve Gatoff noted that his guidance would embed more conservatism than the company's historical guidance, which he acknowledged left little margin for error. EGHT provided initial F20 guidance, including overall revenue guidance of ~$418MM and Service revenue guidance of ~$400MM, both modestly below consensus of $421.1MM and $403.5MM, respectively. F1Q20 guidance for total revenue of $95.3-96.3MM, Service revenue of $91-92MM was modestly below consensus at $97.2MM and $93.0MM, respectively.

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