CommScope Holding (COMM) PT Lowered to $17 at Nomura/Instinet

Nomura/Instinet analyst Jeffrey Kvaal lowered the price target on CommScope Holding (NASDAQ: COMM) to $17.00 (from $24.00) while maintaining a Neutral rating. COMM is adding discipline to prior optimistic Arris forecasts, and headwinds in classic CommScope may limit its recovery. Kvaal believes that consensus estimates face a downside risk.

Kvaal does not believe Carlyle is currently in talks for a full PE deal. CommScope’s financials may not yet be ready to assume more debt. Over time, Nomura/Instinet has confidence CommScope will make the hard choices, if necessary, to return to its long-term 2-3x leverage target.

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