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Fly News Breaks for April 16, 2018
ACIA
Apr 16, 2018 | 17:08 EDT
Piper Jaffray Troy Jensen downgraded Acacia to Neutral from Overweight and lowered his price target on Acacia shares to $26 from $43. Jensen does not believe Acacia will be able to replace its lost revenues associated with the trade sanction on Chinese telecom equipment maker ZTE, and , noted that ZTE was Acacia's largest customer, representing 30% of the company's sales in 2017. The analyst also significantly lowered his FY18 and FY19 EPS and revenue estimates for Acacia, stripping out all of ZTEs contributions.
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