BTIG Starts Lumos Networks (LMOS) at Buy
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
BTIG initiated coverage on Lumos Networks (NASDAQ: LMOS) with a Buy rating and a price target of $17.50. Analyst Walter Piecyk sees the company as a small cap play on fiber densification.
"We are further expanding our coverage into the internet infrastructure space today with a new Buy rating on Lumos, a small-cap play on the expansion of fiber to support high speed data services at enterprises as well as the ongoing 4G upgrade and densification of wireless networks. Lumos also operates a declining local exchange carrier, which it will be able to separate from its fiber business within the next six to nine months, thereby significantly enhancing the strategic value of the company," said Piecyk.
"Our $17.50 price target is based on a 5.0x EBITDA multiple for its legacy residential business and a 10.5x multiple for its double-digit growth fiber business," added the analyst.
Shares of Lumos Networks closed at $12.81 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rosenblatt Upgrades NETGEAR (NTGR) to Buy
- Jefferies Raises Price Target on General Dynamics (GD) Following 3Q
- F5 Networks (FFIV) PT Raised to $120 at Jefferies
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesBTIG, Walter Piecyk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!