Crexendo initiated with a Buy at Needham

Needham analyst Joshua Reilly initiated coverage of Crexendo (CXDO) with a Buy rating and $8 price target Crexendo is well positioned for ongoing market share gains in the wholesale UCaaS market beyond their current base, argues the analyst, who sees an opportunity in the U.S. alone of 5,000 to 6,000 service providers and believes Crexendo has “plenty of runway with the long-tail of Tier 3 service providers.” The firm believes Crexendo will continue to outpace market growth for UCaaS telephony lines with a disruptive pricing model, open platform and broad set of integrations, the analyst added.