Lake Street Capital Markets Downgrades Quantum Corp. (QMCO) to Hold, 'have reduced confidence in the company’s ability to execute'

Lake Street Capital Markets analyst Eric Martinuzzi downgraded Quantum Corp. (NASDAQ: QMCO) from Buy to Hold with a price target of $1.00 (from $2.00).

The analyst commented: "We were disappointed by Quantum’s first quarter results. Given guidance issued on June 6th , we were expecting actuals to be closer to the outlook. However, hyperscaler delivery delays, a fall-off in media sales, and unexpected video surveillance booking push-outs resulted in the miss.

We believe Quantum shares should be of interest to value buyers, but we have reduced confidence in the company’s ability to execute. We are lowering our rating to Hold and our PT to $1.00."

For an analyst ratings summary and ratings history on Quantum Corp. click here. For more ratings news on Quantum Corp. click here.

Shares of Quantum Corp. closed at $0.68 yesterday.

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