SeeThruEquity has updated its coverage and increased its price target to $3.20 on shares of FTE Networks, Inc.’s (OTCQX: FTNW) stock following the company’s recent report of financial results for the second quarter of 2017. FTE completed the acquisition of Benchmark Builders, Inc. in April, which contributed to its reported revenues of $50.2 million for the second quarter, a massive increase compared to $3.2 million for the same period of 2016. In addition to contributing to revenues, the company’s acquisition of Benchmark also expands its service capabilities and almost doubles its sales backlog.
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About FTE Networks, Inc.
FTE Networks, Inc. (FTNW) a provider of innovative technology-oriented solutions for smart platforms, network infrastructure, and buildings. FTE’s three complementary businesses are FTE Networks Services (network infrastructure solutions); CrossLayer, Inc. (managed network services with a first-of-its-kind advanced network and cloud platform); and Benchmark Builders, Inc. (construction management), which provides end-to-end design, build and support solutions for state-of-the-art networks and commercial properties to create the most transformative smart platforms and buildings. FTE’s businesses are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of innovative projects and services. The company works with Fortune 100/500 companies, including some of the world’s leading communications services providers. FTE Networks and its subsidiaries operate three lines of business of which service the following areas: Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, Internet Service Provider, Construction Management, General Contracting and Pre-Construction Services. With more than 200 employees, FTE and its entities have operations in 17 states.
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