As previously reported, Jefferies analyst George Notter downgraded CommScope to Hold from Buy with a price target of $14.50, down from $16.00. While he believes that the revenue picture for the overall business is stable and thinks there's some upside to consensus expectations for cost reductions, he believes its "difficult" for the company to get to 4.0 times net leverage in 2021. It "would require a stars-aligned scenario for CommScope to cross 4.0 times leverage at year-end 2021," which is the point at which investors would look to value the business on earnings per share, where it looks considerably cheaper, Notter argues.