Bandwidth price target lowered to $27 from $29 at KeyBanc

KeyBanc analyst Thomas Blakey lowered the firm’s price target on Bandwidth to $27 from $29 and keeps an Overweight rating on the shares following the company’s Q4 earnings results and FY23 guidance. The firm feels that management has the infrastructure, both technical and personnel, in place to execute on its strategy, and notes that it is currently hiring and not firing. KeyBanc believes that Bandwidth is "well positioned" to benefit from "secular digital communications and customer experience growth trends as both an enabler and a direct to market solutions provider," citing its proven track record of profitable growth, and gross margin expansion.