AudioCodes price target raised to $12.50 from $11 at Needham

Needham raised the firm’s price target on AudioCodes (AUDC) to $12.50 from $11 and keeps a Buy rating on the shares. The company delivered mixed Q4 results as revenue was just light thanks largely to tax benefit in the quarter, the analyst tells investors in a research note. Driven by strong subscriptions bookings, backlog exiting Q4 was also a record, the firm added.