Needham raised the firm’s price target on Crexendo (CXDO) to $12 from $9 and keeps a Buy rating on the shares. The company reported a very strong Q1, with organic telecom services revenue growth of 18% vs. industry growth rate of 6%-9%, primarily due to two large deals added in the quarter, and the firm notes that Crexendo continues to gain market share in key UCAAS segments, also stating that the near-term demand environment is set to accelerate if the macro improves, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CXDO:
- Analyst Raises Crexendo Price Target to $12 on Strong Telecom Growth, Market Share Gains, and Successful ESI Integration
- Crexendo Secures New $10 Million Credit Facilities
- Is CXDO a Buy, Before Earnings?
- Crexendo platform selected by Pronto Mobile
- Crexendo Earnings Call Signals Profitable Growth Ahead