TD downgrades Kore Group to Hold on increased risk profile

TD Cowen analyst Lance Vitanza downgraded Kore Group to Hold from Buy with an unchanged price target of $2. The company’s risk “has risen appreciably across numerous fronts,” including diminished visibility into revenue growth, the analyst tells investors in a research note. The firm cites Kore’s “dramatic” 25% headcount reduction, largely new executive leadership; and an “over-leveraged, high-cost “balance sheet as risks. While Kore’s board is taking appropriate action, TD moves to the sidelines pending clear evidence of success, the analyst writes.