Jefferies Raises Price Target on GTT Communications (GTT) Following 3Q Release
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
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
- Jefferies Cuts Price Target on Workday (WDAY) to $71 Following 3Q
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
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!