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Fly News Breaks for November 9, 2018
ARRS, COMM
Nov 9, 2018 | 08:18 EDT
Morgan Stanley analyst Meta Marshall lowered her price target on CommScope (COMM) shares to $23 from $36 after the company announced disappointing Q3 earnings and an agreement to acquire Arris (ARRS) for $7.4B. While she said she understands the rationale for the deal, Marshall thinks CommScope's valuation will likely remain depressed in the near term given the nearly 6x leverage it is taking on as part of the announced acquisition. Marshall maintains an Equal Weight rating on CommScope shares.
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