Ribbon Communications price target raised to $6 from $4 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Ribbon Communications to $6 from $4 and keeps a Buy rating on the shares. Ribbon’s multi-year investment in its IP Optical business is taking hold with the business reporting its 6th consecutive quarter of year-over-year growth, the firm says. The company expects the momentum to continue with the business expected to grow high-single digits in 2024, in a market that is growing at 2%-3%. Heading into 2025, Craig-Hallum would expect the Cloud and Edge business to see a recovery of at least low-single-digits growth.