Mitel (NASDAQ:MITL) Lacks a Catalyst Short-, Mid-term

Saying there is nothing that can be seen that will jump start Mitel (NASDAQ:MITL) in the short-term or mid-term, Canaccord Genuity maintains their "Hold" rating on them in the midst of a tough SME market.

Canaccord said, "Consistent with the thesis from our Nov. 23 initiation, valuation relative to direct and broader technology sector comparables appears attractive, suggesting room for material upside provided the company returns to growth. However, near- to intermediate-term efforts to stimulate demand manifest in deleveraging. Coupled with a continued lack of “technology value” appetite among investors, we are without a catalyst to recommend accumulation."

Mitel closed Friday at $5.68, losing $0.72, or 11.25 percent. Canaccord has a price target of $8 on them. Volume for the day was about 8 times the normal daily 3-month average.