Polycom Downgraded by Zacks to Neutral (PLCM)
Polycom (NASDAQ:PLCM) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Monday. They currently have a $14.00 target price on the stock. Zacks‘s price objective indicates a potential upside of 6.91% from the company’s current price.
Zacks’ analyst wrote, “Polycom reported somber financial results for the second quarter of 2014 wherein both its top and bottom line missed the Zacks Consensus Estimate. Meanwhile, the company showed strong signs of improvement as its Unified Communications Personal Devices segment witnessed solid global growth in the quarter. Moreover, Polycom’s cost-control policy and enhancements at its popular RealPresence platform are likely to act as tailwinds. However, stiff competition, sluggish economic growth and mergers and acquisitions among companies will continue to impede growth for Polycom. Meanwhile, the stock price of Polycom soared 33% in the last one year and is presently trading at the high-end of the 52-week price range. Considering all these factors, we downgrade our recommendation on Polycom from Outperform to Neutral. “
A number of other firms have also recently commented on PLCM. Analysts at Raymond James reiterated an “outperform” rating on shares of Polycom in a research note on Thursday, July 24th. They now have a $16.00 price target on the stock, up previously from $14.50. Analysts at Northland Securities downgraded shares of Polycom from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 24th. They now have a $14.25 price target on the stock, down previously from $15.50. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $14.53.
Polycom (NASDAQ:PLCM) traded up 0.27% on Monday, hitting $13.13. The stock had a trading volume of 278,821 shares. Polycom has a 52-week low of $9.85 and a 52-week high of $14.06. The stock has a 50-day moving average of $12.88 and a 200-day moving average of $12.82. The company’s market cap is $1.796 billion.
Polycom (NASDAQ:PLCM) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.03. The company had revenue of $332.00 million for the quarter, compared to the consensus estimate of $339.05 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The company’s quarterly revenue was down 3.8% on a year-over-year basis. Analysts expect that Polycom will post $0.81 EPS for the current fiscal year.
Polycom, Inc is a provider of unified communications (NASDAQ:PLCM) solutions and a provider of telepresence, video, voice and infrastructure solutions based on open standards.
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