Oppenheimer Lifts PT on Zayo (ZAYO) to $35 Following Solid Q4 Report
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Oppenheimer boosts its price target on Outperform-rated Zayo Group (NYSE: ZAYO) from $32 to $35 following Q4 results reported last week.
The firm commented,
Aside from lower than expected bookings due to a one-time contract cancellation/a delay in spending from a large customer (likely Google), trends were solid with record installs/consistent churn. Positively, the pace of installs accelerated which will help accelerate revenue growth in FY17. However, with gross installs greater than bookings, the service activation pipeline will decline. We expect this to continue in the near term and depending on larger deals in 2H16, this may cause a corresponding slowdown in FY18. However, we remain confident that the demand for fiber remains robust, and that ZAYO is well positioned.
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