Cbeyond Upgraded to Outperform by Raymond James (CBEY)
Cbeyond (NASDAQ:CBEY) was upgraded by research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a report released on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $7.50 price objective on the stock. Raymond James’ price target points to a potential upside of 26.05% from the stock’s previous close.
The analysts wrote, “We are upgrading our rating on Cbeyond to Outperform from Market Perform. We fully recognize we could be very early on this call, but believe the recent lows offer an attractive risk/reward as the competitive and economic environment are not materially different to explain the recent declines (down 11% over the past 10 days); thus the opportunity for long term, value investors. The company is in the middle of a complex transition from its legacy business to one anchored by dedicated company owned fiber with a higher mix of IT and cloud based products which we believe is the appropriate transition. Additionally, we do not see material changes in the competitive landscape that have not already existed that would warrant the recent share price decline, thus we are upgrading to Outperform from Market Perform.”
Shares of Cbeyond (NASDAQ:CBEY) traded up 8.40% during mid-day trading on Tuesday, hitting $6.45. 108,731 shares of the company’s stock traded hands. Cbeyond has a 52 week low of $5.83 and a 52 week high of $10.11. The stock’s 50-day moving average is $6.58 and its 200-day moving average is $7.7. The company’s market cap is $197.3 million.
Cbeyond (NASDAQ:CBEY) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.14. The company had revenue of $118.20 million for the quarter, compared to the consensus estimate of $119.53 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was down 4.5% on a year-over-year basis. Analysts expect that Cbeyond will post $-0.23 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at FBR & Co. downgraded shares of Cbeyond (NASDAQ:CBEY) from an “outperform” rating to a “market perform” rating in a research note to investors on Friday, August 2nd. Separately, analysts at FBR Capital Markets downgraded shares of Cbeyond (NASDAQ:CBEY) from an “outperform” rating to a “market perform” rating in a research note to investors on Friday, August 2nd. They now have a $8.00 price target on the stock, down previously from $10.00. Finally, analysts at Jefferies Group cut their price target on shares of Cbeyond (NASDAQ:CBEY) from $9.00 to $8.00 in a research note to investors on Thursday, August 1st. They now have a “hold” rating on the stock.
One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Cbeyond presently has an average rating of “Hold” and an average price target of $8.39.
Cbeyond, Inc provides integrated communications services. The Company offers an integrated package of local and long distance telephony services, T-1 Internet access and Internet-based applications to small and medium sized businesses.
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