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AudioCodes’ (NASDAQ:AUDC) accelerated shift to cloud computing, precipitated by COVID-19, could serve to sustainably drive revenue growth rate, according to Needham.
The AUDC Analyst: Richard Valera upgraded the stock from Hold to Buy and established a price target of $42.
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The AUDC Thesis: Recent channel checks suggest accelerating momentum for Teams Voice deployments, and a relative increase for the demand of AUDC SBCs, which positions AUDC well for upside in 2020.
Teams usage increased exponentially “as a result of COVID-driven WFH” and new Teams adopters are hoping to consolidate more communication/collaboration functions on the Microsoft platform.
To that end, AUDC should see 15%-20% growth in the Microsoft-related voice deployments segment.
AUDC Price Action: Shares of AUDC traded higher by 9% Thursday to $36.04
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.