Jefferies Cuts Price Target on NII Holdings (NIHD) to $1.50; Reiterates Underperform
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Jefferies maintained an Underperform rating on NII Holdings (NASDAQ: NIHD), and cut the price target to $1.50 (from $2.00), following the company's 3Q earnings report.
Analyst Mike McCormack commented, "Third quarter results showed better subscriber losses, largely driven by lower churn, though revenue was lower given F/X volatility. Nevertheless, a disciplined focus on cost cutting drove the second consecutive quarter of positive EBITDA. While we recognize signs of stabilization, we remain concerned given macro and competitive pressures, the path to sustainable free cash flow generation, and liquidity. We lower our price target to $1.50 from $2.00."
Shares of NII Holdings closed at $1.90 yesterday.
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