Counterfeiting a Problem, Wedbush Downgrades Ubiquiti Networks (UBNT) to Neutral
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Price: $110.59 --0%
Rating Summary:
4 Buy, 12 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 21 | New: 35
Rating Summary:
4 Buy, 12 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 21 | New: 35
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Wedbush downgraded Ubiquiti Networks (NASDAQ: UBNT) from Outperform to Neutral with a price target of $8.00 (from $17.00).
“We clearly underestimated the magnitude of the company’s challenges as it relates to the prevalence of counterfeit products in the channel and concerns regarding Ubiquiti’s distribution model,” said analyst Sanjit Singh.
“Despite FQ4 results that modestly exceeded expectations, revenue guidance was 32% below our recently lowered expectations as customers have begun to halt orders on concerns that the products they receive may not be genuine Ubiquiti solutions,” he added.
For an analyst ratings summary and ratings history on Ubiquiti Networks click here. For more ratings news on Ubiquiti Networks click here.
Shares of Ubiquiti Networks closed at $15.01 yesterday.
“We clearly underestimated the magnitude of the company’s challenges as it relates to the prevalence of counterfeit products in the channel and concerns regarding Ubiquiti’s distribution model,” said analyst Sanjit Singh.
“Despite FQ4 results that modestly exceeded expectations, revenue guidance was 32% below our recently lowered expectations as customers have begun to halt orders on concerns that the products they receive may not be genuine Ubiquiti solutions,” he added.
For an analyst ratings summary and ratings history on Ubiquiti Networks click here. For more ratings news on Ubiquiti Networks click here.
Shares of Ubiquiti Networks closed at $15.01 yesterday.
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