Sangoma Technologies price target lowered to $8 from $13 at Northland

Northland lowered the firm’s price target on Sangoma Technologies to $8 from $13 and keeps an Outperform rating on the shares after the company reported Q4 results in the first call with its new CEO and COO. Service revenue and EBITDA were “light,” which Sangoma attributed to pricing within their wholesale trunking business, and the company is not providing guidance, though management suggested bookings remain solid, says the firm, which is lowering its FY24 revenue and EBITDA estimates.