Cambium Networks downgraded to Market Perform from Outperform at JMP Securities

JMP Securities downgraded Cambium Networks to Market Perform from Outperform without a price target. The company preannounced Q3 revenue that came in far short of the consensus estimate, the analyst tells investors in a research note. The firm says Q3 is the second consecutive quarter that Cambium fell significantly short of expectations. JMP estimates the company’s fiscal 2024 growth is negative 11% year-over-year, which is well below the average growth of 8% for its universe of comparable companies, and it says Cambium will be significantly less profitable. Therefore, the firm believes Cambium’s discount is justified and that it is fairly valued.