Jefferies Lowers Price Target on Acme Packet (APKT)

July 9, 2012 7:21 AM EDT
Get Alerts APKT Hot Sheet
Price: $29.24 --0%

Rating Summary:
    6 Buy, 15 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Jefferies lowered its price target on Hold-rated Acme Packet (NASDAQ: APKT) from $20.00 to $17.00 following last weeks profit warning.

The firm comments, "Acme Packet negatively pre-announced Q2 results, blaming slowness in N. American Service Provider spending, consistent with concerns highlighted in our 6/20 downgrade note. We’re lowering estimates to reflect new Q2 guidance and also providing some useful information to help investors evaluate the investment merits of APKT shares. While we remain positively biased longer-term, we’re inclined to remain on the sidelines at this point."

Q2 EPS was cut from $0.18 to $0.12, FY12 from $0.80 to $0.70 and FY13 from $1.10 to $0.90.

For an analyst ratings summary and ratings history on Acme Packet click here. For more ratings news on Acme Packet click here.

Shares of Acme Packet closed at $15.74 yesterday.

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