Jefferies Cuts Price Target on RigNet (RNET) Following Soft 2Q Results

August 11, 2016 8:51 AM EDT
Get Alerts RNET Hot Sheet
Price: $22.00 --0%

Rating Summary:
    5 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
Trade RNET Now!
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

Jefferies maintained a Buy rating on RigNet, Inc. (NASDAQ: RNET), and cut the price target to $14.00 (from $16.00), following the company's 2Q earnings report.

Analyst Mike McCormack commented, "Following softer 2Q earnings, we update estimates to reflect weakness given accelerated rig stacking (21 rig loss in 2Q vs. our prior -8 est.) and lower ARPU, with further pressures likely. We view the headcount reduction (12% in 2H) as a necessary action in this environment and expect additional cost discipline. Initiatives to expand the addressable market hold some promise, but remain uncertain."

For an analyst ratings summary and ratings history on RigNet, Inc. click here. For more ratings news on RigNet, Inc. click here.

Shares of RigNet, Inc. closed at $11.88 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Related Entities

Jefferies & Co, Earnings

Add Your Comment