Bandwidth price target raised to $15 from $14 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Bandwidth to $15 from $14 and keeps a Neutral rating on the shares. The company reported another quarter of upside and management continues to see strong traction from the contact center space, the analyst tells investors. It is “encouraging” to see the company’s Q2 out-performance, upside opportunity in 2H23, and likely re-acceleration in 2024 ahead, the firm says. However, Piper Sandler remains concerned with medium-term targets, solvency needs, and normalized NRR.