Jefferies Raises Price Target on CommScope (COMM) to $42.50 Following BNS Acquisition

Jefferies reiterated a Buy rating on CommScope Holding (NASDAQ: COMM), and raised the price target to $42.50 (from $37.50), following the closing of the company's acquisition of TE’s Broadband Network Solutions (BNS) business. The deal, totaled $3B in cash with $250M coming from CommScope’s balance sheet and the remainder from debt issuances.

Analyst George Notter commented, "We continue to like the risk/reward on the shares, particularly over the longer-term as synergies with the TE Connectivity business get baked into the company’s EPS power. Additionally, as CommScope continues to generate cash and buy down debt, the company will look increasingly attractive on an EV / EBITDA basis."

For an analyst ratings summary and ratings history on CommScope Holding click here. For more ratings news on CommScope Holding click here.

Shares of CommScope Holding closed at $31.90 yesterday.

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