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Fly News Breaks for October 22, 2019
TEUM
Oct 22, 2019 | 09:12 EDT
Lake Street analyst Eric Martinuzzi downgraded Pareteum to Hold from Buy with a price target of 75c, down from $7.00. The company announced prior period financials can no longer be relied on due to premature revenue recognition, which is "disappointing, to say the least," Martinuzzi tells investors in a research note. The analyst, who admits he has limited experience with companies in this circumstance, sees "no guarantee the company will come out the other side any time soon."