UPDATE: Deutsche Bank Initiates Coverage on 8x8 as Leader in Cloud-Based Communication and Collaboration

In a report published Monday, Deutsche Bank analyst Nandan Amladi initiated coverage on 8x8 (NASDAQ: EGHT) with a Buy rating and $13.00 price target.

In the report, Deutsche Bank noted, “8x8 is a leading provider of Unified Communication & Collaboration Services (UCC) in the Cloud, for SMBs and mid-market and distributed enterprises. Their solutions span cloud telephony, virtual contact center, virtual meeting and virtual desktop offerings. 8x8 currently serves over 35,000 business customers with over 400,000 subscriptions. They address a TAM of $5bn today, which could go to $20bn by 2020. We believe the company benefits from the early stages of a cloud replacement cycle in their core telephony and contact center markets, and recent investments to go up-market will pay dividends over time. Initiate with Buy and $13 target.”

8x8 closed on Friday at $9.48.