UPDATE: Goldman Sachs Cuts PT to $2.60 on Tellabs on Special Dividend
Goldman Sachs reiterated its Neutral rating on Tellabs (NASDAQ: TLAB) and lowered its price target from $3.50 to $2.60.
Goldman Sachs commented, "We lower our 12-month price target to $2.60 from $3.50 to reflect the payment of the $1.00 special dividend on December 21. Tellabs' shares trade ex-distribution on December 24 (one trading day after the Dec 21 payable date) because the dividend is greater than 25% of the company value according to FINRA Rule 11140."
Tellabs closed at $3.49 on Friday.
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