KORE Group Holdings shares are trading lower after the company reported worse-than-expected Q3 financial results and issued FY23 revenue guidance below estimates. Also, Morgan Stanley lowered its price target from $1.5 to $0.7 on the stock.
Portfolio Pulse from Benzinga Newsdesk
KORE Group Holdings' stock is trading lower following the release of disappointing Q3 financial results and FY23 revenue guidance that fell short of expectations. Additionally, Morgan Stanley has reduced its price target for KORE from $1.5 to $0.7.
November 10, 2023 | 4:38 pm
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KORE Group Holdings reported disappointing Q3 results and provided lower than expected FY23 revenue guidance, leading to a decrease in stock price. Morgan Stanley also cut the price target for KORE, adding to the negative sentiment.
The negative impact on KORE's stock price is due to the combination of poor quarterly financial performance and a lower revenue forecast for the full year, which typically diminish investor confidence and can lead to a sell-off. The price target reduction by a major financial institution like Morgan Stanley further validates the bearish outlook and can exacerbate the stock's decline in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100