MDC Partners (MDCA) PT Lowered to $3.50 at Jefferies
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Jefferies analyst John Janedis reiterated a Hold rating and slashed his price target on MDC Partners (NASDAQ: MDCA) to $3.50 (from $17.00).
Janedis commented, "When we "Threw in the Towel" and downgraded the stock to Hold after 2Q results, we had suspected only modest further downside risk to '16, but had concerns on '17 due to cost pressures. From that perspective, last night's results were a worst case scenario. With that backdrop and what appears to be operational issues, we remain on the sidelines."
Shares of MDC Partners closed at $3.40 yesterday.
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