Deutsche Bank analyst Matthew Niknam downgraded CommScope to Hold from Buy with a price target of $6, down from $8. The downgrade is based on “lingering pressure” on customer orders, with recent data points indicating the lull is likely to persist in the interim, and more meaningful downside risk to consensus estimates, the analyst tells investors in a research note. The firm believes CommScope’s 2024E core adjusted EBITDA targets are likely to be revised lower.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on COMM:
- CommScope call volume above normal and directionally bullish
- Communication equipment stocks slump after Nokia, Ericsson warnings
- Ciena, Sanmina lead communication equipment stocks lower
- Jefferies sees opportunities in Calix, Harmonic after assessing inventories
- Northland lays out winners of Biden’s broadband funding to states
