Jefferies Downgrades Frontier Communications (FTR) to Hold
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesJefferies & Co, Standard & Poor's, Dividend
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