Sangoma Technologies downgraded to Hold from Buy at Canaccord

Canaccord downgraded Sangoma Technologies to Hold from Buy with a price target of $3.25, down from $8. Sangoma reported fiscal Q1 results that slightly missed Street estimates and new management candidly sketched out an early view of a deep multi-quarter transformation, the analyst tells investors in a research note. The company’s guidance will remain suspended through fiscal 2024, leaving a high degree of forecast uncertainty, says the firm. With “manifold changes afoot,” Canaccord thinks the prudent move at this stage is to step to the sidelines.