Jefferies Cuts Price Target on Level 3 Communications (LVLT) to $58; Reiterates Buy
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium 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
- Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
- Imperial Capital Raises Price Target on American Airlines (AAL) Following 3Q EPS Beat
- Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q
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!