AudioCodes price target raised to $13 from $11 at Jefferies

Jefferies raised the firm’s price target on AudioCodes to $13 from $11 and keeps a Hold rating on the shares. Though the company’s Q4 revenue fiscal 2024 revenue guidance missed consensus estimates, the stock is rallying off an earnings beat and management’s optimism on growth initiatives, the analyst tells investors in a research note. The firm says that while AudioCodes’ valuation is reasonable, it needs to see execution against its targets to get more constructive.