Bandwidth price target raised to $36 from $34 at Canaccord

Canaccord raised the firm’s price target on Bandwidth to $36 from $34 and keeps a Buy rating on the shares. The firm said despite the tempered expectations for 2023 growth driven by sustained macro uncertainty and lower cyclical political messaging demand, they believe Bandwidth has several longer-term growth drivers including increasing international traffic, a growing messaging business, improving gross margin, and an opportunity to grow with a large new cohort of customers.