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Set Your Sights Higher for 8×8 Inc.

EGHT's breakout is so strong, I'm upping my target

   

8X8 Inc. (EGHT) — 8×8 is a telecommunications company that develops services for Internet protocol (IP), telephony and video applications. It also offers Web-based conferencing and cloud-based computing services.

We first recommended EGHT on Nov. 17, 2011, at $3.83, as well as in “Top 6 Stocks to Buy for March” at $6.37 for a trade to $8 “as a key cloud holding.” On May 22, the company announced full fiscal-year 2013 earnings of 20 cents per share, up 42% from last year, and total revenues of $107.6 million — the first time 8×8 has exceeded $100 million in annual revenues.

On June 10, I suggested that the stock should be bought under $8 with a target of $10. However, the recent breakout is so bullish, I have increased my target to $12. EGHT closed Friday trading at $8.53; purchases made be made through $9.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/07/set-your-sights-higher-for-8x8-inc/.

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