UPDATE: Raymond James Downgrades CommScope Holding (COMM) to Market Perform; Sees Top Customer Spending Less This Year

July 7, 2020 3:37 AM EDT
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Price: $20.34 +1.85%

Rating Summary:
    19 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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(Updated - July 7, 2020 7:49 AM EDT)

(updated to add analyst comments)

Raymond James analyst Simon Leopold downgraded CommScope Holding (NASDAQ: COMM) from Outperform to Market Perform on valuation and their belief that top customer Comcast will spend less with CommScope in 2020 than we previously envisioned.

The analyst commented, "We are downgrading our rating of CommScope to Market Perform from Outperform. Our downgrade is based on valuation following a further estimate reduction. We believe top customer Comcast will spend less with CommScope in 2020 than we previously envisioned. Comcast invested in capacity to address choke points during the June quarter and deployed a new software system called Octave that enables it to deploy less network capacity in the future. With our revisions, our estimates are now near consensus, we can no longer argue for outperformance."

For an analyst ratings summary and ratings history on CommScope Holding click here. For more ratings news on CommScope Holding click here.

Shares of CommScope Holding closed at $8.68 yesterday.


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