Citi Remains Seller of Level 3 Communications (LVLT)
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Citi reiterates a 'Sell' rating on Level 3 Communications Inc (Nasdaq: LVLT). Price target $2.50.
Citi analyst says, "Bulls are likely to focus on better headline results and positive free cash flow in the quarter, albeit helped by some transitory benefits and lower capital spending, as CFFO of $110 million was well below our estimate of $204 million. We believe the underperformance in key customer revenue segments continues to highlight the operating challenges, and we remain a seller of LVLT given the premium equity valuation."
Level 3 Communications, Inc. (Level 3) through its operating subsidiaries, is primarily engaged in the communications business.
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