BMO Capital Downgrades MDC Partners (MDCA) to Market Perform, PT Slashed to $5
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BMO Capital downgraded MDC Partners (NASDAQ: MDCA) from Outperform to Market Perform with a price target of $5.00 (from $23.00).
Analyst Daniel Salmon commented, "We were wrong to believe MDCA could thread a tight needle in 3Q; while organic growth and working capital improved, management has suspended the dividend, undertaken a restructuring, and hired an advisor to examine "financial and capital structure strategy." We believe many investors were prepared for a dividend cut, but we expect outright suspension to drive significant shareholder turnover. However, it is the hiring of an advisor (and the justified questions about potential equity dilution, etc.) that leads us to Market Perform as any potential fundamental recovery is overshadowed near-term."
Shares of MDC Partners closed at $8.40 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
Related EntitiesBMO Capital
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