Bandwidth downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst James Fish downgraded Bandwidth to Neutral from Overweight with a price target of $25, up from $18. The analyst says his prior thesis has largely played out and that the company’s growth today is primarily coming from "unsustainable" pass-through messaging fees and political events. While Bandwidth’s profitability is moving in the right direction, the company still needs to refinance its debt, and there are better relative valuation in other names, Fish tells investors in a research note.