Cambium Networks falls on weak revenue view, Barrington downgrade

Cambium Networks

14/04/2022 14:11

** Internet service provider's shares  CMBM.O  down 16.8% at
$16.89 in premarket trading
    ** Barrington Research cuts rating on stock to "market
perform" from "outperform"
    ** Co said on Wednesday it expects Q1 revenue between $61
mln and $63 mln, while analysts expect a figure of $79.5 mln,
according to Refinitiv data  urn:newsml:reuters.com:*:nFWN2WB153
    ** "Considering the impacts thus far of the supply chain
environment and that the challenges are ongoing to an extent, we
are less confident in the company's ability to meet our
expectations and its own internal expectations" - Barrington
    ** CMBM also announced departure of Stephen Cumming as CFO,
naming named Andrew Bronstein as his replacement urn:newsml:reuters.com:*:nPn7wZ2NGa
    ** Brokerage says timing of CFO departure and lack of
transition plan add another layer of concern
    ** Co plans to report Q1 results on May 5
    ** Avg. rating of 9 analysts is "buy"; median PT is $45
    ** As of last close, stock fell ~21% this year

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))