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Fly News Breaks for January 3, 2019
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.
News For BDC From the Last 2 Days
Feb 21, 2019 | 06:31 EDT
Longbow analyst Shawn Harrison downgraded Belden to Neutral citing its valuation, saying the stock rallied by over 12% on a short covering rally yesterday and has now gained over 50% since his January 3rd upgrade. The analyst notes that he will now await the next round of catalysts, but adds after stabilizing its businesses and guiding double-digit free cash flow growth in FY19, the near-term catalysts toward multiple expansion will likely be incremental. Harrison further notes that there is little visibility on Belden's organic growth acceleration potential or the timing of any portfolio decisions.
Feb 20, 2019 | 10:00 EDT
Belden is up 9.8%, or $5.57 to $62.15.