Canaccord raised the firm’s price target on Bandwidth to $38 from $36 and keeps a Buy rating on the shares. The firm said following slower growth trends during 2023 driven by macro conditions and lower cyclical political messaging demand, they believe Bandwidth will benefit from several growth drivers in 2024, including strong political messaging demand, increasing international traffic, a growing messaging business, improving gross margin, and an opportunity to grow with a large new cohort of customers.
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Read More on BAND:
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- Bandwidth reports Q4 adjusted EPS 38c, consensus 23c
- Bandwidth Announces Fourth Quarter and Full Year 2023 Financial Results, Exceeding Revenue and Profitability Guidance
