COMM - CommScope jumps on Jeffries upgrade sees 40% upside

CommScope (NASDAQ:COMM) shares are surging on Tuesday, up more than 13% to $11.64, as Jeffries upgraded shares to buy, noting it's likely to benefit from an improving telecom capital spending environment. Analyst George Notter boosted his price target to $15 on CommScope (COMM), noting it's likely to benefit from an improving supply chain - which could take a year or more - as well as C-Band and 5G spending for outdoor wireless and fiber cabling, price increases over the next four years and an ongoing cost reduction that should help the company's EBIDTA. "Given  these  items,  we  think  there’s potential for lots of its previously-lost EBITDA to come back into the model over the next 1-2 years," Notter wrote in a note to investors. The analyst also noted that it is the best telecom spending environment in 20 years, with CommScope (COMM) likely to benefit and the company's upcoming December 14 Analyst Day

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CommScope jumps on Jeffries upgrade, sees 40% upside