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Fly News Breaks for December 3, 2019
BAND
Dec 3, 2019 | 05:43 EDT
Needham analyst Richard Valera initiated coverage of Bandwidth with a Buy rating and $65 price target. Bandwidth is a pure-play in the "high-growth" communications platform as a service market, Valera tells investors in a research note. The analyst believes the guidance cut in Q3 effectively "cleared the decks" and set the company up to get back on a beat/raise trajectory next year. He estimates the CPaaS market was ~$3B in 2018 and growing annually at 30%-plus.
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