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Fly News Breaks for January 3, 2019
BDC
Jan 3, 2019 | 08:38 EDT
As previously reported, Longbow analyst Shawn Harrison upgraded Belden to Buy from Neutral as he believes the shares undervalue the core business and he sees limited downside with the shares down 47% in 2018. The selloff has priced in "investor disdain" for Grass Valley, concerns over revenue recognition and cycle concerns, Harrison contends. Potential catalysts include exploring strategic alternatives for Grass Valley, modest organic 2019 sales growth for core Belden and share buybacks, he added. Harrison has a $60 price target on Belden shares.
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