Jefferies Raises Price Target on GTT Communications (GTT) Following 3Q Release
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Jefferies reiterated a Buy rating on GTT Communications (NYSE: GTT), and raised the price target to $30.00 (from $28.00), following the company's 3Q earnings report. Total revenue of $131.9mn was relatively in line with the Street. Adjusted EBITDA of $32.1mn topped the Street estimates of $30.8mn. Concurrent with earnings, GTT announced the acquisition of Hibernia Networks for $590mn, including $515mn in cash and $75mn in GTT shares.
Analyst Scott Goldman commented, "Results continue to reflect strong organic growth accompanied by margin expansion. The acquisition of Hibernia furthers GTT's strategic goals, adding new services and clients, while also bringing in fiber assets in fast growing market segments. GTT expects to remain acquisitive, targeting 10-20% annual revenue growth, inclusive of 8-10% organic growth. In our view, GTT remains an attractive undervalued growth story and we raise our target to $30."
Shares of GTT Communications closed at $23.50 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bassett Furniture (BSET) PT Raised to $28 at Stifel Following 4Q EPS Beat
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!