New York-based Comtech Telecommunications Corp. (NASDAQ:CMTL) has appointed Michael Porcelain as CEO, effective December 31, 2021, and as a Director of the Board, effective January 3, 2022.
Porcelain, who will continue as the President of Comtech, succeeds Fred Kornberg as CEO. Porcelain has been the company’s President since January 2020 and COO since October 2018.
Meanwhile, Kornberg will advise Comtech on technology matters and will remain as a Director and Non-Executive Chairman of the Board.
Moreover, the company has appointed Wendi Carpenter and Mark Quinlan as Independent Directors, effective January 3.
Accepting the promotion, Porcelain said, “The past twenty-four months have seen a significant and generational transformation of both our company and our markets overall. I’m excited to take my own experience with all parts of Comtech’s operations and drive a new level of performance alongside our team.”
Comtech designs, produces and sells next-generation 911 emergency systems and secure wireless communication technologies to commercial and government customers around the world.
Its shares rose 1.1% on Monday to close at $23.96.
Wall Street’s Take
Last month, Citigroup (C) analyst Asiya Merchant maintained a Hold rating on the stock and raised the price target to $27 from $24 (12.7% upside potential).
Additionally, Joe Gomes, an analyst with Noble Financial, reiterated a Hold rating on Comtech but did not provide a price target.
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys and 2 Holds. The average Comtech Telecommunications stock prediction of $31 implies 29.4% upside potential. Shares have gained 18.6% over the past year.
According to TipRanks’ Risk Factors tool, Comtech is at risk mainly from two factors: Finance & Corporate and Legal & Regulatory, each of which accounts for 26% of the total 35 risks identified for the stock.
Under both the risk categories, the company has nine risks each, details of which can be found on the TipRanks website.