Jefferies downgraded CommScope to Hold from Buy with a price target of $5.50, down from $15. The analyst believes EBITDA expectations for the company’s business lines remain too high, not just for 2023 but also for 2024. It is "hard to envision the stock working" as CommScope’s core business fundamentals worsen, the analyst tells investors in a research note. With high interest rates and the recent volatility in the credit markets, balance sheet refinancing risk remains significant, says the firm.
Published first on TheFly
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