Why Bandwidth Stock Was Rising This Week
Yahoo Finance ·
Investors were eagerly calling on next-generation communications company Bandwidth ( BAND +11.28% ) over the past few days. Much of this enthusiasm can be traced to a significant price target raise from an analyst tracking the telecom stock. According to data compiled by S&P Global Market Intelligence , as of early Friday morning, the stock was up 14% week to date. Well before market open on Thursday, B. Riley's Erik Suppiger pulled the lever on that price target increase. It was quite a change -- the analyst now believes the stock can hit $85 per share; his previous fair value assessment was $55. He maintained his buy recommendation on the stock. Bandwidth specializes in the infrastructure required to route artificial intelligence (AI) voice applications, and the analyst believes advances in the technology will increase demand for its network services, according to reports. The analyst added that he had raised his full-year 2027 estimates in light of this anticipated development. Suppiger added that numerous developers are laboring to make AI voice more natural and expansive, to the point where it can act as an agent for users. Given the nature of its business, Bandwidth should be able to capitalize on this trend as well.
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