Rodman & Renshaw Comments on AUDC's Lowered Guidance

According to Rodman & Renshaw AudioCodes Ltd.

has lowered its annual guidance from $167-174 million to $155-$162 million. In the report, Rodman & Renshaw writes, “Weak in the residential gateway business and lower network spending on the back of tightening government spending have lead to this revenue shortfall. While we believe the company is set for bumpy ride, we remain optimistic on the overall growth story of AUDC given the new product launches in mobile VoIP and E-SBC, coupled with new revenue streams from partnerships.” Rodman & Renshaw maintains its Outperform rating and $6 price target on AUDC, which closed yesterday at $2.29.