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Buy 8×8 Under $8 for 25% Potential Returns

EGHT is trading in a well-defined bull channel and I'm raising my target


8×8 (EGHT) — This telecommunications company develops services for Internet protocol (IP), telephony and video applications. It also offers web-based conferencing and cloud-based computing services.

I first recommended EGHT on Nov. 17, 2011, at $3.85, and most recently in the Top Stocks to Buy for March at $6.17 for a trade to $8 or “as a key cloud computing holding.”

On May 22, the company announced full fiscal year 2013 earnings of $0.20, up 42% from last year, and total revenues of $107.6 million, the first time that it has exceeded $100 million in annual revenues.

Traders who bought in March may want to nail down a profit. However, the stock is trading in a well-defined bull channel and our new target is $10-plus. New purchases should be entered under $8.

EGHT Chart
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