Canaccord Genuity Reiterates a 'Buy' on Mitel (MITL); Cost Savings Thawing and Revenues Recovered

Canaccord Genuity reiterates a 'Buy' on Mitel (NASDAQ: MITL) price target of $4.00 (from $6.00).

Analyst, Bobby Burleson, said, "We reiterate a BUY rating following a conference call that was more positive than we expected considering a recent preannouncement with scant details. Management has conviction that the revenue shortfall was not share loss, with push-outs likely to materialize as revenue in future quarters. Cost savings should positively impact the model fully by Q3, following a 10% workforce reduction that translates into 5% opex savings."

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

Shares of Mitel closed at $2.90 yesterday.

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