Jefferies Cuts Price Target on Level 3 Communications (LVLT) to $58; Reiterates Buy
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
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.
Jefferies maintained a Buy rating on Level 3 Communications (NYSE: LVLT), and cut the price target to $58.00 (from $63.00), ahead of the company's 3Q earnings report. Management commentary suggests sequential growth is unlikely to meet the 1.5-2.0% standard investors have come to expect. Key to the quarter will be the level of growth, with expectations seemingly dropping to sub-1%.
Analyst Scott Goldman commented, "We update estimates ahead of earnings, tempering N. American enterprise expectations for the quarter and beyond. While we believe investor expectations have come down in recent weeks, visibility into the growth trajectory is limited. In our view, the risk of slowing growth is largely priced in, with modest downside risk into the print. However, we remain confident in LVLT's attractive FCF growth story with the potential for accretive M&A or buybacks."
Shares of Level 3 Communications closed at $46.09 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Jefferies Cuts Price Target on Entergy (ETR) to $72 Following Announced PPA Termination
- Jefferies Raises Price Target on Finisar (FNSR) to $37 Following 2Q Beat and Raise
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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!