Multiple brokerages cut CommScope PT on Q3 sales miss

Vistance Networks

10/11/2023 16:43

** Shares of network infrastructure provider CommScope
Holding Co  COMM.O  down 13.38% at $1.36
    ** Jefferies cut PT to $2 from $3.75 as co sees excess
inventory and soft demand among consumers
    ** Service provider customers are deferring projects as the
macro environment weighs on business, it remains a tough picture
- Jefferies
    ** Morgan Stanley also cut COMM's PT to $2 from $4.50
    ** CommScope on Nov. 9 reported Q3 sales of $1.59 bln vs
LSEG estimate of $1.73 bln
    ** Co says macroeconomic factors negatively impacted its net
sales in certain segments during first three quarters of 2023
    ** These factors may continue to negatively impact net sales
through 2023 and into first half of 2024
    ** One of nine brokerages rate the stock "buy", seven "hold"
and one "sell"; median PT is $2 - LSEG
    ** COMM down 78.64% YTD, as of last close

 (Reporting by Annett Mary Manoj)
 ((AnnettMary.Manoj@thomsonreuters.com))