AudioCodes’ 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.
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
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