Switch shares slide 5% premarket after guidance disappointed investors [MarketWatch]
Switch, Inc. Class A (SWCH)
Last switch, inc. class a earnings: 2/27 04:05 pm
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Source: MarketWatch
Switch shares slide 5% premarket after guidance disappointed investors Shares of data-center company Switch Inc. SWCH, +5.70% fell 5% in premarket trade Tuesday, extending late-session losses from Monday that came after its first quarterly earnings report since going public. Wells Fargo analyst Jennifer Fritzsche said it was a solid quarter, but investors may have been disappointed that the midpoint of its first revenue guidance implies a 0.7% sequential decline in fourth-quarter revenue. "We believe SWCH is being conservative in guidance and would anticipate the company to be toward the high-end of its revenue guidance targets," Fritzsche wrote in a note. "Our struggle with the name continues to be valuation driven." Switch stock is currently trading at about a 4 times premium to the average of data center REITs, she said. Wells Fargo has a market perform rating on the stock. J.P. Morgan analysts agreed that guidance was conservative, and said it was reiterating its overweight rat
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