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In a report published Monday, Bank of America analyst Kash Rangan initiated coverage on
8x8EGHT with a Buy rating and $13.00 price target.
In the report, Bank of America noted, “We are initiating on 8x8 (EGHT) with a Buy rating and a $13 PO. The company (~$126 mn FY2014E revs; ~35,000 customers) offers a cloud-based service that eliminates the need to install business communication and collaboration systems (PBXs) on-premise, offering advantages such as minimal upfront investment, rapid deployment and easy provisioning. The company is the second largest among the cloud-based pure play vendors, and in our view has the potential to disrupt the market, which we estimate at $36-$41 bn.”
8x8 closed on Friday at $9.48.
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