Deutsche Bank Downgrades Frontier Communications (FTR) to Hold
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Deutsche Bank downgraded Frontier Communications (NASDAQ: FTR) from Buy to Hold with a price target of $4.00 (from $5.00). Analyst Matthew Niknam noted lack of revenue growth.
"3Q results once again disappointed on both customer volumes and the top-line, as FTR’s efforts to stem revenue losses remain challenged. Expense reductions (-$50mn qoq) did offset much of the revenue pressure this quarter, and Adj. EBITDA matched our forecast/guidance. However, we ultimately believe elevated share losses and revenue degradation are likely to continue in upcoming quarters, and that cost cuts are not enough of an offset. We reduce 2017 revenue, Adj. EBITDA and FCF by 3%/5%/11% respectively, and are now -5% vs. 2017 EBITDA guidance/consensus," said Niknam.
Shares of Frontier Communications closed at $3.93 yesterday.
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