Jefferies Downgrades Frontier Communications (FTR) to Hold
- Wall Street rises as hawkish Fed boosts financial stocks
- Mylan (MYL) Plans to Launch Generic EpiPen; Will Cost 50% Less than Name Brand
- Dollar hits 3-week high vs yen as U.S. rate rise signals get louder
- Mylan's (MYL) Epipen4Schools Program is a Complicated Maze of Specialty Distribution Cos - Wells Fargo's Maris
- Pre-Open Stock Movers 08/29: (MCUR) (HLF) (MYL) Higher; (CZR) (ADMP) (KTOS) Lower (more...)
Jefferies downgraded Frontier Communications (NASDAQ: FTR) from Buy to Hold citing limited upside to their price target of $6.00.
Analyst Mike McCormack comments, "We are downgrading shares of FTR from Buy to Hold as we see limited upside to our $6 price target following recent share outperformance (+41.2% LTM vs. the S&P +20.6%), which reflected an improving fundamental story, a market rotation to value-oriented names, and the potential for favorable tax legislation. Shares now trade above historic EV/EBITDA levels while the dividend yield spreads relative to peers and treasuries are near lows."
Shares of Frontier Communications closed at $5.72 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- KeyBanc Downgrades Kratos Defense & Security (KTOS) to Sector Weight
- Lululemon (LULU) Earnings Turnaround Likely Underway - Credit Suisse
- Guggenheim Resumes Charter Communications (CHTR) at Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesJefferies & Co, Standard & Poor's, Dividend
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!