AudioCodes downgraded to Underperform from Neutral at BofA

BofA analyst Tal Liani downgraded AudioCodes to Underperform from Neutral with a price target of $9.50, down from $22. The company negatively preannounced Q1 on deteriorating macro conditions and worsening consumer demand, the analyst tells investors in a research note. The combination of weak demand and "significant cuts" to Q1 estimates suggest elongated sales cycles have likely progressed into full-blown customer cancellations, says the firm. It sees a "bleak" near term outlook for AudioCodes.