Citigroup Lowers Avaya (NYSE:AVYA) Price Target to $6.00

Avaya (NYSE:AVYAGet Rating) had its price target decreased by Citigroup from $9.00 to $6.00 in a research report issued on Monday, The Fly reports. Citigroup’s target price would indicate a potential upside of 16.50% from the company’s current price.

Several other research firms also recently commented on AVYA. Cowen downgraded shares of Avaya from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $26.00 to $6.00 in a report on Friday, May 13th. Craig Hallum reduced their target price on shares of Avaya from $30.00 to $13.00 in a research report on Wednesday, May 11th. TheStreet cut shares of Avaya from a “c” rating to a “d+” rating in a research report on Wednesday, February 9th. BWS Financial cut shares of Avaya from a “buy” rating to a “sell” rating in a research report on Thursday, May 12th. Finally, Zacks Investment Research cut shares of Avaya from a “buy” rating to a “strong sell” rating in a research report on Friday, May 13th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.70.

Shares of AVYA stock opened at $5.15 on Monday. The company’s fifty day simple moving average is $8.83 and its 200-day simple moving average is $14.22. The company has a quick ratio of 1.61, a current ratio of 1.66 and a debt-to-equity ratio of 6.54. The firm has a market cap of $442.06 million, a PE ratio of -16.09 and a beta of 1.63. Avaya has a 12 month low of $2.93 and a 12 month high of $29.11.

Avaya (NYSE:AVYAGet Rating) last issued its earnings results on Tuesday, May 10th. The company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.08). The firm had revenue of $716.00 million for the quarter, compared to analyst estimates of $737.62 million. Avaya had a positive return on equity of 51.82% and a negative net margin of 0.62%. Avaya’s quarterly revenue was down 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. On average, equities analysts predict that Avaya will post 1.67 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in AVYA. LPL Financial LLC increased its position in Avaya by 4.8% during the 3rd quarter. LPL Financial LLC now owns 14,640 shares of the company’s stock valued at $290,000 after purchasing an additional 671 shares during the period. Vident Investment Advisory LLC increased its position in Avaya by 10.9% during the 4th quarter. Vident Investment Advisory LLC now owns 15,843 shares of the company’s stock valued at $314,000 after purchasing an additional 1,552 shares during the period. SummerHaven Investment Management LLC increased its position in Avaya by 4.7% during the 1st quarter. SummerHaven Investment Management LLC now owns 34,851 shares of the company’s stock valued at $442,000 after purchasing an additional 1,559 shares during the period. California State Teachers Retirement System increased its position in Avaya by 2.1% during the 4th quarter. California State Teachers Retirement System now owns 116,143 shares of the company’s stock valued at $2,300,000 after purchasing an additional 2,380 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Avaya by 30.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,004 shares of the company’s stock valued at $218,000 after purchasing an additional 2,553 shares during the period.

About Avaya (Get Rating)

Avaya Holdings Corp., through its subsidiaries, provides digital communications products, solutions, and services for businesses worldwide. The company operates in two segments, Products & Solutions and Services. The Products & Solutions segment offers unified communications and collaboration (UCC), and contact center (CC) platforms, applications, and devices.

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