Craig-Hallum analyst Jeff Van Rhee downgraded Edgio to Hold from Buy with a price target of $1, down from $2.50. The company preannounced Q4 results below expectations and noted a three-year restatement of results, the analyst tells investors in a research note. The firm says "these disappointments come on the back of a wide range of other setbacks" that has "broken" the investment thesis. Edgio’s "predictability has been terrible" and "credibility is going to be very hard to regain here and will take substantial time." contends Hallum.
Published first on TheFly
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