UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Mitel Networks

In a report published Friday, Canaccord Genuity reiterated its Buy rating on Mitel Networks Corporation MITL, but lowered its price target from $6.00 to $4.00. Canaccord Genuity noted, “We reiterate a BUY rating following a conference call that was more positive than we expected considering a recent preannouncement with scant details. Management has conviction that the revenue shortfall was not share loss, with push-outs likely to materialize as revenue in future quarters. Cost savings should positively impact the model fully by Q3, following a 10% workforce reduction that translates into 5% opex savings.” Mitel Networks Corporation closed on Thursday at $2.90.