Why Ubiquiti Stock Dived by 10% Today
Wireless networking equipment and solutions specialist Ubiquiti (NYSE: UI) suffered a double-digit drop in its share price on the second trading day of the week. This wasn't due to any news coming directly from the company; rather, the stock was influenced by an analyst's latest take. This helped drive Ubiquiti's price down by over 10% on the day, against the S 500 index's gain of 0.2%.
Well before market open, ' Tim Long made a downward adjustment to said price target. He reduced it to $104 per share from his previous level of $108. Not surprisingly, his bearish view of the company hasn't changed, as he maintained his underweight (i.e., sell) recommendation on Ubiquiti stock.
It wasn't immediately clear why Long felt compelled to trim his fair value assessment of Ubiquiti. It doesn't seem coincidental, though, that the move came a mere two trading days after the company unveiled its fiscal fourth-quarter results. The company missed the consensus analyst estimates on both the top and bottom lines.
Source Fool.com
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