Bank of America Raises CommScope (NASDAQ:COMM) Price Target to $23.50

CommScope (NASDAQ:COMM) had its price objective lifted by investment analysts at Bank of America from $20.00 to $23.50 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. Bank of America‘s price target would suggest a potential upside of 32.39% from the company’s current price.

Several other analysts have also recently commented on COMM. Citigroup upgraded shares of CommScope to an “outperform” rating in a research note on Monday, August 4th. Morgan Stanley upgraded shares of CommScope from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $4.00 to $17.00 in a research report on Tuesday, August 5th. Northland Capmk raised CommScope from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Wall Street Zen raised CommScope from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CommScope in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.17.

CommScope Price Performance

Shares of COMM stock opened at $17.75 on Tuesday. The business has a fifty day moving average of $16.02 and a 200 day moving average of $11.31. CommScope has a 1 year low of $2.94 and a 1 year high of $17.98. The firm has a market capitalization of $3.93 billion, a price-to-earnings ratio of 5.41, a price-to-earnings-growth ratio of 0.47 and a beta of 2.43.

CommScope (NASDAQ:COMM) last announced its quarterly earnings data on Thursday, October 30th. The communications equipment provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.25. CommScope had a negative return on equity of 13.70% and a net margin of 17.57%.The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned ($0.05) earnings per share. The company’s revenue was up 50.6% on a year-over-year basis. As a group, equities research analysts expect that CommScope will post -0.24 earnings per share for the current year.

Institutional Trading of CommScope

Institutional investors have recently bought and sold shares of the business. Banque Transatlantique SA acquired a new position in shares of CommScope during the 1st quarter worth approximately $34,000. AlphaQuest LLC purchased a new stake in CommScope in the 3rd quarter worth $36,000. Bayforest Capital Ltd acquired a new position in CommScope during the third quarter worth $38,000. Harbor Capital Advisors Inc. purchased a new position in CommScope during the third quarter valued at $43,000. Finally, Wolff Wiese Magana LLC acquired a new stake in shares of CommScope in the third quarter valued at about $46,000. 88.04% of the stock is owned by institutional investors and hedge funds.

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.