| Tech Stock News and Analysis |
|
|
| Wednesday, September 20, 2006 |
8x8 Surges on Upgrade
8x8 Shares Climb After Analyst Says Stock "Just Too Cheap"
Voice over Internet Protocol service provider 8x8 Inc. shares jumped in Wednesday afternoon trading after a Merriman Curhan Ford analyst said "sometimes a stock is just too cheap" and upgraded it.
Analyst Colby Synesael raised the stock to "Buy" from "Neutral" and said that although he is concerned "about the company's long-term growth opportunity," the stock should trade inline with its fair value.
"Although we think the stock is greatly undervalued -- which we previously attributed to bankruptcy risk -- it is still not clear to us that 8x8 will be successful with its virtual office strategy and therefore its ability to meaningfully grow revenue long term," Synesael wrote in a note to clients.
Shares of 8x8, which have traded between 65 cents and $3.39 over the past 52 weeks, were up 15.2 percent, or 15 cents, at $1.14 per share on the Nasdaq. |
|
|
|
|
| Previous Post |
|
| Archives |
|
| Links |
|
| Powered by |
 |
|
