- Update with more details from the downgrade:
- The firm says BAND's current valuation "gives too much credit for platform depth" with its software capabilities "more limited than communication platform names like Twilio."
- Original: Morgan Stanley downgrades Bandwidth (NASDAQ:BAND) from Equal-Weight to Underweight and lowers the target from $74 to $67.
- BAND is expected to report earnings on October 31. Consensus estimates have $58.78M in revenue and a $0.15 loss per share.
- Bandwidth shares are down 3.7% pre-market to $69.19. The company has an Outperform average Sell Side rating.