Bandwidth price target raised to $29 from $21 at KeyBanc

KeyBanc analyst Thomas Blakey raised the firm’s price target on Bandwidth to $29 from $21 and keeps an Overweight rating on the shares. The analyst believes Bandwidth remains an undervalued asset and sees the company as well-positioned to benefit from global communications trends with expanding adjusted gross margins modeled at 56% in 2023, about 100 bps higher year-over-year.