In a report published Wednesday, Imperial Capital analyst Ashok Kumar downgraded the rating on Mavenir Systems, Inc. (NYSE: MVNR) from Outperform to In-Line, but reiterated the $18.00 price target.
In the report, Imperial Capital noted, "We are lowering our rating to In-Line from Outperform and maintaining our one-year price target of $18. Our price target is about 6% above the recent share price. On 3/2/15, Mitel (MITL) and Mavenir (MVNR) announced a definitive merger agreement whereby MITL is to acquire all of the outstanding common shares of MVNR in a cash and stock transaction valued at about $560mn. The transaction is expected to close in 2Q15. Mitel hopes to take advantage of the mobile networks move towards 4G IP-based solutions by offering mobile service providers a common IP technology layer. We are maintaining our published revenue and EPS estimates on MVNR as well as our $18 price target."
Mavenir Systems closed on Tuesday at $17.05.
Latest Ratings for MVNR
| Mar 2015 | Imperial Capital | Downgrades | Outperform | In-line |
| Mar 2015 | Deutsche Bank | Downgrades | Buy | Hold |
| Mar 2015 | Stifel Nicolaus | Downgrades | Buy | Hold |
View More Analyst Ratings for MVNR
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