BTIG Starts Lumos Networks (LMOS) at Buy

August 11, 2016 7:02 AM EDT
Get Alerts LMOS Hot Sheet
Price: $14.28 -0.76%

Rating Summary:
    11 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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.

For an analyst ratings summary and ratings history on Lumos Networks click here. For more ratings news on Lumos Networks click here.

Shares of Lumos Networks closed at $12.81 yesterday.

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