Canaccord Genuity Starts Cbeyond (CBEY) at Hold; Major Retooling Doesn't Offer Enough Confidence in 2012
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Price: $9.99 --0%
Rating Summary:
1 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
1 Buy, 9 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Canaccord Genuity initiates coverage on Cbeyond (NASDAQ: CBEY) with a Hold. PT $8.00.
Analyst, Greg Miller, said, "Despite an attempt to convert the company from a local reseller/aggregator, Q4/11 results indicate Cloud conversion is faltering just as the company continues to face headwinds in its core business. With the Q4/11 announced transition, no financial detail was given on the progress of the Cloud conversion. Only with the publication of the 10-K did it become clear that the announced strategy revision was already under pressure. We don’t see how CBEY will be capable of competing with companies where Cloud services are a core competency."
For an analyst ratings summary and ratings history on Cbeyond click here. For more ratings news on Cbeyond click here.
Shares of Cbeyond closed at $8.18 yesterday.
Analyst, Greg Miller, said, "Despite an attempt to convert the company from a local reseller/aggregator, Q4/11 results indicate Cloud conversion is faltering just as the company continues to face headwinds in its core business. With the Q4/11 announced transition, no financial detail was given on the progress of the Cloud conversion. Only with the publication of the 10-K did it become clear that the announced strategy revision was already under pressure. We don’t see how CBEY will be capable of competing with companies where Cloud services are a core competency."
For an analyst ratings summary and ratings history on Cbeyond click here. For more ratings news on Cbeyond click here.
Shares of Cbeyond closed at $8.18 yesterday.
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