Needham keeps a Buy rating and $23 price target on Extreme Networks while naming the stock Needham’s “Single Best Idea for 2024 in Networking”. The company is likely to have a slow start to the new year with tough compares, but as the year progresses, its growth should reassert itself and margin expansion should drive shares higher, the analyst tells investors in a research note. Inventory correction is currently masking the growth, but this should normalize over the next several quarters, driving solid operating margin expansion and robust cash flow, the firm added.
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