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Fly News Breaks for February 9, 2016
ATEC
Feb 9, 2016 | 12:10 EDT
Northland analyst Mark Landy downgraded Alphatec to Underperform from Outperform after the company disclosed in a filing that it has determined that it had been out of compliance with one of its financial covenants under its existing credit facility. Noting that the company revealed the possibility to be in serial default of its debt covenants, Landy cut his price target on the stock to 3c from $3.00, calling his 3c target a "best guess" at what shareholders may get in a restructuring.
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