Collins Stewart Maintains Neutral, $11 PT on Cbeyond

Collins Stewart reiterates its Neutral rating and $11 price target on Cbeyond

following generally in-line results for Q4. Collins Stewart says, "Cbeyond reported PRELIMINARY results for the 4Q11 and full year late last week with full detailed results to be provided upon completion of the company's year end audit. Although highly unusual, the results generally appear to be in line with expectations. However, revenue guidance for 2012 is significantly below both ours and street expectations with higher expected EBITDA guidance due in part to lapping the expenses of the 2011 investment project as well as the expected benefits of its work force reduction and additional cost savings." CBEY closed at $8 on Thursday.