Cowen Reiterates Outperform on Zayo Group (ZAYO) Following 1Q

Cowen reiterated an Outperform rating on Zayo Group Holdings (NYSE: ZAYO), and raised the price target to $37.00 (from $36.00), following the company's 1Q earnings report. Total revenue was $366.8MM vs. the Street's $368.9MME. The company has a record backlog and is seeing a few “large deals” that management expects will translate to ZPI growth of >10%.

Analyst Colby Synesael commented, "Zayo reported mostly in-line F1Q16 results and sees a backlog/pipeline that it expects will drive record installs/bookings over the next three qtrs. The solid outlook was overshadowed though as ~156MM restricted shares will come to market Nov. 16 however thereafter should allow the stock to finally start to trade on fundamentals and we view as highly encouraging. Reiterate Outperform."

For an analyst ratings summary and ratings history on Zayo Group Holdings click here. For more ratings news on Zayo Group Holdings click here.

Shares of Zayo Group Holdings closed at $24.52 yesterday.

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