CommScope stock rises on heels of Raymond James upgrade to market perform

CommScope Holding Company Inc.’s stock
COMM,
+11.26%
was up 6% in premarket trading on Thursday. Raymond James upgraded the telecommunications equipment company to market perform from underperform on its view that its risk-reward has come into balance. “We cannot rule out the risk of bankruptcy, but we believe the fundamentals have nearly bottomed and that the company can avert default,” analyst Simon Leopold said. CommScope faces a continuation of carrier weakness in the first half of 2024, but “we remain hopeful regarding improvement once inventory levels normalize,” Leopold said.