Wells Fargo Doesn't Stick Around in Acme Packet (APKT) After Warning; Downgrades to Market Perform
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Price: $29.24 --0%
Rating Summary:
6 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
6 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade APKT Now!
Shares of Acme Packet (NASDAQ: APKT) are getting clobbered Friday after lowering its second quarter guidance, citing continued weakness in the North American service provider market. Now analysts at Wells Fargo are throwing in the towel.
Wells Fargo downgraded APKT from Outperform to Market Perform and slashed their valuation range to $14.00 to $17.00 from $27.00 to $30.00.
"While we continue to believe that Acme Packet remains well positioned to capitalize on a number of attractive growth opportunities longer term, we believe near-term visibility remains limited given the challenging carrier and enterprise spending environment," the analyst said. "In addition, with street estimates moving lower and the company now having missed three out of the past four quarters, we believe valuation may come under pressure, limiting stock price appreciation from current levels."
For an analyst ratings summary and ratings history on Acme Packet click here. For more ratings news on Acme Packet click here.
Shares of Acme Packet closed at $18.40 yesterday, with a 52 week range of $17.18-$75.17.
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Wells Fargo downgraded APKT from Outperform to Market Perform and slashed their valuation range to $14.00 to $17.00 from $27.00 to $30.00.
"While we continue to believe that Acme Packet remains well positioned to capitalize on a number of attractive growth opportunities longer term, we believe near-term visibility remains limited given the challenging carrier and enterprise spending environment," the analyst said. "In addition, with street estimates moving lower and the company now having missed three out of the past four quarters, we believe valuation may come under pressure, limiting stock price appreciation from current levels."
For an analyst ratings summary and ratings history on Acme Packet click here. For more ratings news on Acme Packet click here.
Shares of Acme Packet closed at $18.40 yesterday, with a 52 week range of $17.18-$75.17.
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