Collins Stewart Downgrades Switch & Data (SDXC) to Hold; Valuation Call
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Collins Stewart downgrades Switch & Data (Nasdaq: SDXC) to Hold. Price target $19.
Collins analyst says, "We are downgrading Switch and Data to a Hold rating from a Buy due entirely to valuation and the proposed merger with Equinix, which currently values Switch and Data's stock price at $17.87 as compared with this evenings closing price of $17.63. The stock remains within 10% of our $19.00 target price."
"Without the second half re-acceleration of revenue growth that many had expected and with the surprising merger announced earlier in the week, many are beginning to wonder if the growth of the industry will begin to slow. Be it slowing demand or more importantly a significant technological shift, we believe it remains too early to tell but will remain nonetheless cautious."
To see more analyst ratings on SDXC Click Here.
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