Ribbon Communications surges to 2-month high after results, outlook

Ribbon Communications

24/04/2024 17:11

** Ribbon Communications  RBBN.O  shares surging 30.4% to $3.35,
hitting highest level since Feb 20
    ** Stock on track for biggest daily pct gain since early
2016 after reporting Q1 adj EPS loss of 1 cent, in line with
expectations, on revenue $179.66 mln missing $185.03 mln
estimate, per LSEG data 
    ** The communications tech provider also forecast Q2 revenue
of $200 mln to $210 mln vs current estimate of $208.21 mln 
    ** RBBN also announced it was selected by Verizon  VZ.N  to
provide advanced voice network platform and services as part of
a modernization program
    ** Among the 5 analysts that cover Ribbon Communications,
the breakdown of recommendations are 4 "buy" and 1 "hold" with
no "sell" or "strong sell" ratings
    ** Median analyst price target of $6 is unchanged over the
past three months

 (Reporting by Chuck Mikolajczak)
 ((charles.mikolajczak@tr.com; @ChuckMik;))