BWS Financial Downgrades SeaChange International (SEAC) to Hold (Earlier)

BWS Financial downgraded SeaChange International (NASDAQ: SEAC) from Strong Buy to Hold with a price target of $7.00 (from $20.00).

"The Company continues to deal with customer acceptance delays causing revenue guidance to miss projections," said analyst Hamed Khorsand. "Even though there continues to be a great deal of evidence that SEAC’s customers are moving in the direction that would benefit the Company, there has been little traction in means that would provide SEAC with an increase in revenue."

"Even though we continue to like the story at SEAC there are moving pieces that prevent us from making it our top pick. SEAC needs to show an increase in customer adoption for Nucleus and Adrenalin, something that is taking a bit longer than we had originally anticipated. The cash balance is no longer a value preserver with the CEO looking to make acquisitions. Therefore, we are downgrading to Hold from Strong Buy with a price target is $7 from $20 until we see some meaningful traction," he added.

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

Shares of SeaChange International closed at $6.00 yesterday.

You May Also Be Interested In

• Bernstein SocGen Group Upgrades Analog Devices (ADI) to Outperform
• Kingsoft Cloud (KC) PT Raised to $17.70 at Jefferies
• Bally's Corp (BALY) PT Lowered to $10; Truist Securities: 'Mixed results amidst a "going concern"'