In a report released yesterday, Richard Davis from Canaccord Genuity maintained a Buy rating on Bandwidth Inc (BAND), with a price target of $60. The company’s shares opened today at $49.
Davis said:
“We got half of what we expected with this guide. Revenue growth inched higher for 2019 off of a Q4 beat trend line. While management had been messaging that they were eyeing Europe, we expected a toe dip, rather than a cannonball. Keeping the analogy going, the good news is that Bandwidth knew the depth of the pool before they jumped in. What that means is Bandwidth spent a lot of effort up front to get through multiple country regulatory hurdles, and on the financial front, the firm has sealed a deal with a yet unnamed “anchor tenant” – an existing large customer with which Bandwidth has had a multi-year relationship.”
According to TipRanks.com, Davis is a top 25 analyst with an average return of 42.4% and a 84.6% success rate. Davis covers the Technology sector, focusing on stocks such as Upland Software, MongoDB Inc, and Dropbox Inc.
Currently, the analyst consensus on Bandwidth Inc is a Moderate Buy with an average price target of $56.67, representing a 15.7% upside. In a report released yesterday, KeyBanc also maintained a Buy rating on the stock with a $64 price target.
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Based on Bandwidth Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $1.29 million. In comparison, last year the company had a GAAP net loss of $578K.
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Bandwidth, Inc. provides business communications services. It offers data Internet, voice/voice over Internet protocol, messaging. managed network, and conferencing services. The firm serves the telecom needs of small and medium businesses. It operates through the following business segments: CPaaS and Other.
