Pacific Crest Believes GTT Won’t Stop Here

By Carrie Williams

Pacific Crest analyst Michael Bowen reiterated a Buy rating on GTT Communications (NYSE MKT: GTT) today and set a price target of $37. The company’s shares opened today at $25.90, close to its 52-week high of $26.

Bowen wrote:

“We are raising estimates for GTT due to the acquisition of a customer list, which we do not believe is included in consensus estimates, and filings that indicate Hibernia continues to be a solid acquisition. GTT continues to be one of the most undervalued companies that we follow and is one of our favorite ideas in the sector.”

According to TipRanks.com, Bowen is a 2-star analyst with an average return of -0.5% and a 51.0% success rate. Bowen covers the Technology sector, focusing on stocks such as Interxion Holding N.V., Zayo Group Holdings, and Cogent Comms.

GTT Communications has an analyst consensus of Strong Buy, with a price target consensus of $30.

The company has a one year high of $26 and a one year low of $12.31. Currently, GTT Communications has an average volume of 132.6K.

Based on the recent corporate insider activity of 92 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GTT in relation to earlier this year.

GTT Communications, Inc. provides telecommunication services. It operates a global Tier 1 IP network connecting clients to locations and cloud applications around the world. The company provides reliable, scalable and secure solutions, including private, public and hybrid cloud networking, high bandwidth IP transit for content delivery and hosting applications, on-demand and high-demand network capacity to support varying needs and network-to-network carrier interconnects. The company was founded by H. Brian Thompson on January 3, 2005 and is headquartered in McLean, VA.