Belden price target lowered to $105 from $110 at Loop Capital

Loop Capital lowered the firm’s price target on Belden to $105 from $110 but keeps a Buy rating on the shares. The company’s negative preannouncement and sales miss for Q3 is substantial, but Friday’s selloff was likely an “over-reaction”, the analyst tells investors in a research note. The firm further cites Belden’s favorable mix, cost control, and lower incentive comp that provided incremental offsets, resulting in an EPS miss of just 2% at the midpoint and within the low end of the prior guided range.