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Fly News Breaks for March 23, 2015
SONS
Mar 23, 2015 | 12:55 EDT
As previously reported, Wedbush downgraded Sonus to Neutral from Outperform. The firm believes Sonus could see significant weakness from top customers, ex-AT&T, and has concerns SP spend could be below levels necessary to meet guidance. Wedbush said the decline at top accounts has been offset several quarters by sales diversification across a larger enterprise base through the indirect sales channel. However, new customer spend is declining and the firm lowered top-line growth estimates, earnings below consensus, and lowered its price target to $15 from $21.25.
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