CalAmp set to open at over 1-year low after surprise loss

CalAmp

22/12/2021 13:52

** Wireless communications solutions provider's shares
 CAMP.O  fall 19% to $8.01 before the bell
    ** Stock set to open at its lowest level since November 2020
    ** CAMP after market hours on Tuesday missed Wall Street
estimates for Q3 revenue, hurt by worse-than-expected component
shortages  urn:newsml:reuters.com:*:nL4N2T63JX
    ** Co posted an adj. loss/shr of 8 cents vs estimate of an
8-cent profit per share, according to Refinitiv IBES
    ** Brokerage Craig-Hallum downgrades CAMP to "hold" from
"buy" on poor execution of product sourcing; cuts PT to $10 from
$14
    ** Analyst Anthony Stoss expects industry supply constraints
will continue to dampen revenue well into FY23
    ** Separately, Canaccord Genuity also trims PT by $1 to $14 
    ** Current avg. rating on CAMP among 6 analysts is "buy";
their median PT is $15 - Refinitiv data
    ** As of last close, CAMP stock down marginally this year

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