B. Riley lowered the firm’s price target on Comtech (CMTL) to $6 from $7 and keeps a Buy rating on the shares. Comtech’s Q3 results featured revenue and EBITDA that were well ahead of the firm’s estimates, but bookings were “light,” the analyst tells investors in a research note. Though the company had “nothing to share” on the strategic alternatives process, B. Riley continues to believe asset sales remain the best and fastest way for Comtech to relieve balance sheet obligations and remove going-concern fears.
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