Jefferies Cuts Price Target on RigNet (RNET) Following Soft 2Q Results
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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."
Shares of RigNet, Inc. closed at $11.88 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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