CalAmp plunges as Q1 revenue misses; brokerages cut PTs

CalAmp

24/06/2022 15:49

** Shares in wireless communications solutions firm CalAmp
 CAMP.O  slump 27.4% to a more than one-month low of $5.21 in
early trading
    ** Stock last down ~25%, on pace for worst day since Dec.
2021 if current losses hold 
    ** After hours on Thursday, company missed market estimates
for Q1 revenue, hurt by component shortages and customers
shifting to recurring software subscription  urn:newsml:reuters.com:*:nL4N2YA342
    ** Jefferies cuts PT to $10.50 from $15, while Northland
Capital trims by $1 to $11
    ** "This isn't good," Jefferies analysts say, adding it
calls into question the progress CAMP is making with its
transition toward a recurring revenue-based business
    ** Four of six brokerages rate the stock "buy" or higher,
one "hold" and one "sell"; their median PT is $10.75 - Refinitiv
    ** Up to Thursday's close, stock had risen ~2% YTD
    

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))