Credit Suisse analyst Sami Badri initiated coverage with a Hold rating on CommScope Holding (NASDAQ: COMM) yesterday and set a price target of $31. The company’s shares closed yesterday at $29.58.
Badri observed:
“We are initiating coverage on CommScope (COMM) with a Neutral rating and $31 target price, implying upside of 5.2% from current levels. In coordination with our sector launch, “Cloud Proliferate,” we identify COMM as a unique play in the data center market with optionality around its intensified levels of growth to support surging data.”
According to TipRanks.com, Badri is a 1-star analyst with an average return of -3.0% and a 29.2% success rate. Badri covers the Consumer Goods sector, focusing on stocks such as Motorola Solutions, Ubiquiti Networks, and Juniper Networks.
Currently, the analyst consensus on CommScope Holding is Moderate Buy and the average price target is $37.75, representing a 27.6% upside.
In a report issued on May 3, J.P. Morgan also initiated coverage with a Hold rating on the stock with a $34 price target.
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The company has a one-year high of $41.60 and a one-year low of $26.29. Currently, CommScope Holding has an average volume of 1.78M.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of COMM in relation to earlier this year. Earlier this month, Frank Drendel, a Director at COMM bought 50,000 shares for a total of $427,500.
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CommScope Holding Co., Inc. engages in the provision of infrastructure solution for the core, access, and edge layers of communication networks. It operates through CommScope Connectivity Solutions (CCS), and CommScope Mobility Solutions (CMS) segments.
