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Fly News Breaks for January 28, 2020
EGHT
Jan 28, 2020 | 08:01 EDT
As previously reported, Wells Fargo analyst Michael Turrin initiated coverage of 8x8, Inc. with an Equal Weight rating and $20 price target. While the rest of the communications software industry is seeing a virtuous cycle of accelerating revenue growth and multiple expansion, 8x8, Inc. shares have remained mostly stagnant as the company implemented a series of changes over the past year, including a new CFO, tilt toward growth, increased investment spend, and introduction of a new set of ARR-based metrics, he contends. The analyst thinks the company's most recent Q2 print showed signs of a potential turnaround, but ultimately, he elects to wait on some additional proof points in terms of execution and market positioning.
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