See Research Report https://research.ameritrade.com/wwws/com... Due to restructuring efforts and declines in shareholders' equity, we think price-to-sales is a more appropriate valuation measure than price-to-book value. Applying a ratio of 0.4X, a discount to the historical peer average, to our four-quarter forward sales per share estimate, and using the 1.3 billion estimate for shares outstanding yields a value near $1.50, which is our 12-month target price.
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