Credit Suisse downgraded CommScope to Neutral from Outperform with a price target of $5.10, down from $11. The analyst believes customer investments in network infrastructure will remain weak with meaningful recovery pushed out to later in 2024 given macro concerns and timing of government subsidies. The firm thinks a prolonged recovery significantly limits near-term catalysts for the stock and could increase investor concerns around CommScope’s debt profile including $1.29B due in 2025.
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