As previously reported, Craig-Hallum analyst Christian Schwab initiated coverage of Ribbon Communications (RBBN) with a Buy rating and $6 price target. The firm notes Ribbon reported solid results and reiterated its outlook for the remainder of 2024. Notably, the company also announced a significant win with Verizon (VZ) for a major network modernization program. The program is expected to drive $300M of revenue over the next three years, with revenue beginning in Q3 and expected to exit 2024 at an about $100M annualized run rate, Craig-Hallum adds.
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Read More on RBBN:
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