CommScope (NASDAQ:COMM) Upgraded by Raymond James Financial to "Outperform" Rating

Key Points

• Raymond James Financial upgraded CommScope's stock from "underperform" to "outperform" with a target price of $19.00, indicating a potential upside of 30.94% from the last close.
• CommScope reported earnings of $0.44 per share for the last quarter, significantly exceeding the consensus estimate of $0.24, with revenue also up 31.7% year-over-year.
• The consensus rating for CommScope remains "Hold" among analysts, with a mixed outlook from different firms regarding the stock's future performance.

CommScope (NASDAQ:COMM - Get Free Report) was upgraded by Raymond James Financial from an "underperform" rating to an "outperform" rating in a report released on Tuesday, MarketBeat reports. The brokerage currently has a $19.00 target price on the communications equipment provider's stock. Raymond James Financial's price target indicates a potential upside of 21.95% from the company's previous close.

COMM has been the subject of a number of other reports. Wall Street Zen downgraded shares of CommScope from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of CommScope from $6.00 to $7.50 and gave the company a "hold" rating in a report on Tuesday, June 24th. Northland Securities raised CommScope from a "market perform" rating to an "outperform" rating and set a $12.00 price objective on the stock in a research note on Monday, August 4th. Wolfe Research assumed coverage on CommScope in a research note on Monday, July 7th. They issued a "peer perform" rating for the company. Finally, Morgan Stanley upgraded CommScope from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $4.00 to $17.00 in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.75.

CommScope Trading Up 3.9%

COMM stock traded up $0.59 during trading on Tuesday, hitting $15.58. The company had a trading volume of 11,571,269 shares, compared to its average volume of 9,514,530. The company has a fifty day moving average price of $8.04 and a two-hundred day moving average price of $6.02. CommScope has a fifty-two week low of $2.55 and a fifty-two week high of $15.74. The company has a market cap of $3.45 billion, a P/E ratio of 5.86, a P/E/G ratio of 0.44 and a beta of 2.38.

CommScope (NASDAQ:COMM - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The communications equipment provider reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.20. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.27 billion. CommScope had a net margin of 16.61% and a negative return on equity of 6.29%. The company's revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 earnings per share. On average, analysts expect that CommScope will post -0.24 earnings per share for the current year.

Institutional Investors Weigh In On CommScope

Several institutional investors and hedge funds have recently bought and sold shares of COMM. Wealth Enhancement Advisory Services LLC bought a new stake in shares of CommScope during the 1st quarter worth approximately $143,000. KBC Group NV bought a new stake in CommScope during the first quarter worth $65,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CommScope by 5.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 121,354 shares of the communications equipment provider's stock worth $632,000 after purchasing an additional 5,909 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of CommScope by 986.1% in the 4th quarter. Legal & General Group Plc now owns 204,549 shares of the communications equipment provider's stock valued at $1,066,000 after purchasing an additional 185,716 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of CommScope by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 725,413 shares of the communications equipment provider's stock valued at $3,852,000 after purchasing an additional 41,286 shares during the last quarter. Institutional investors own 88.04% of the company's stock.

CommScope Company Profile

CommScope Holding Company, Inc provides infrastructure solutions for communications, data center, and entertainment networks worldwide. The company operates through Connectivity and Cable Solutions (CCS); Outdoor Wireless Networks (OWN); Networking, Intelligent Cellular and Security Solutions (NICS), and Access Network Solutions (ANS) segments.