UPDATE: JPMorgan Upgrades Plantronics (PLT) to Neutral
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JPMorgan analyst John Ivankoe upgraded Plantronics (NYSE: PLT) from to Neutral with a price target of $19.00.
The analyst comments "PLT is trading at ~5.9x our CY21E P/E and 8x CY21E EV/EBITDA, which are a ~31% discount and ~8% premium to historical three-year forward averages. We think risk reward is more balanced and expect the stock to perform in line with our coverage universe. We could consider becoming more constructive on this name if the new product cycle restores the firm to sustainable growth and the company makes material progress in paying down debt."
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