UPDATE: JPMorgan Downgrades CalAmp Corp. (CAMP) to Underweight
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JPMorgan analyst Paul Coster downgraded CalAmp Corp. (NASDAQ: CAMP) from Neutral to Underweight with a price target of $11.00.
The analyst comments "We are downgrading CAMP to Underweight. CAMP is trading at 23x revised CY21E PF EPS of $0.46, 13x revised
CY21E EV/EBITDA—multiples that reflect the ongoing uncertainty regarding the firm’s long-term growth prospects. In our view the risks are quite elevated at present, the stock is close to fair-value, and we are sidelined. With an Underweight rating we are not calling for investors to short this stock, but we do expect CAMP to underperform the mean of our coverage over the next 6-12 months."
Shares of CalAmp Corp. closed at $10.79 yesterday.
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