UPDATE: Raymond James Downgrades CommScope Holding (COMM) to Market Perform; Sees Top Customer Spending Less This Year
- Wall Street surges to all-time closing high on earnings, economic revival
- Was Intel's (INTC) Second Quarter a Speedbump or Inflection?
- Twitter (TWTR) Gains After Beating Q2 Estimates, Analysts Raise PTs as Brand Recovery Accelerates
- U.S. dollar on track for second week of gains; Fed meeting in focus
- Snap (SNAP) Surges 17% After Smashing Q2 Views Across the Board to Yield a Dozen Price Target Hikes
(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."
Shares of CommScope Holding closed at $8.68 yesterday.
You May Also Be Interested In
- Britvic Plc. (BVIC:LN) (BTVCY) PT Raised to GBP9.30 at Goldman Sachs
- Reliance Industries (RIL:IN) PT Raised to INR2,580 at Jefferies
- Flat Glass Group Co Ltd (6865:HK) (FGSGF) PT Lowered to HK$43 at UBS
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades, Hot Downgrades
Related EntitiesRaymond James
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!