Comtech Promotes Chairman Michael Porcelain to CEO
NOTNew York-based Comtech Telecommunications Corp. (NASDAQ: CMTL) appointed Michael Porcelain CEO, effective December 31, 2021, and director of the board, effective January 3, 2022.
Porcelain, who will remain Chairman of Comtech, succeeds Fred Kornberg as CEO. Porcelain has been president of the company since January 2020 and COO since October 2018.
During this time, Kornberg will advise Comtech on technology matters and will remain a director and non-executive chairman of the board.
In addition, the company has appointed Wendi Carpenter and Mark Quinlan as independent directors, effective January 3.
Accepting the promotion, Porcelain said: “The past twenty-four months have seen a significant and generational transformation both in our business and in our markets as a whole. I am delighted to benefit from my own experience with all parts of Comtech’s operations and to drive a new level of performance alongside our team.
Comtech designs, manufactures and sells next generation 911 emergency systems and secure wireless communication technologies to commercial and government customers around the world.
Its shares rose 1.1% on Monday to close at $ 23.96.
The Taking of Wall Street
Last month, Citigroup (VS) Analyst Asiya Merchant maintained a holding rating on the stock and raised the price target to $ 27 from $ 24 (upside potential of 12.7%).
In addition, Joe Gomes, analyst at Noble Financial, reiterated a Hold rating on Comtech but did not provide a price target.
Overall, the stock has a moderate buy consensus rating based on 2 buys and 2 takes. Comtech Telecommunications stock’s average forecast of $ 31 implies a potential upside of 29.4%. Stocks have gained 18.6% in the past year.
According to TipRanks’ Risk Factors tool, Comtech is primarily exposed to two factors: Finance & Corporate and Legal & Regulatory, each representing 26% of the total of 35 risks identified for the security.
Within the two risk categories, the company has nine risks each, details of which can be found on the TipRanks website.
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