KeyCorp Reiterates “Buy” Rating for Bandwidth (BAND)
Bandwidth (NASDAQ:BAND)‘s stock had its “buy” rating restated by equities researchers at KeyCorp in a report issued on Thursday. They currently have a $29.00 price target on the stock. KeyCorp’s price objective suggests a potential upside of 34.95% from the company’s previous close.
The analysts wrote, “We continue to see upside to $29 based on: a favorable risk/reward at 2.1x FTM EV/S vs. the peer average of 4.1x; (2) strong secular tailwinds tied to embedded voice-calling capabilities; (3) accelerating CPaaS growth prospects, which could exceed 20% y/y in 2H18; (4) rising exposure to technology titans such as Google, Microsoft, and Cisco; and (5) a disciplined track record of profitable growth in the past. Key Investment Points Results: Results at the top end of pre-IPO guidance.””
Several other research firms have also recently commented on BAND. Morgan Stanley began coverage on Bandwidth in a research note on Tuesday, December 5th. They issued an “overweight” rating and a $28.00 price target on the stock. Canaccord Genuity started coverage on Bandwidth in a research note on Tuesday, December 5th. They set a “buy” rating and a $28.00 price objective on the stock. JMP Securities started coverage on Bandwidth in a research note on Tuesday, December 5th. They set an “outperform” rating and a $36.00 price objective on the stock. Finally, Robert W. Baird started coverage on Bandwidth in a research note on Tuesday, December 5th. They set an “outperform” rating and a $28.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus price target of $29.80.
Bandwidth (NASDAQ BAND) opened at $21.49 on Thursday. Bandwidth has a one year low of $18.05 and a one year high of $24.99.
In other Bandwidth news, major shareholder James A. Bowen sold 158,526 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $18.60, for a total transaction of $2,948,583.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Bandwidth Company Profile
Bandwidth Inc, formerly Bandwidth.com, Inc, is a cloud-based communications platform-as-a-service provider (CPaaS) that enables enterprises to create, scale and operate voice or text communications services across any mobile application or connected device or enterprises. The Company has two operating and reportable segments, CPaaS and Other.
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