Jefferies Downgrades Frontier Communications (FTR) to Hold
- Wall Street ends higher, driven by energy amid global tension
- UPDATE: HP, Inc. (HPQ) Misses Q4 EPS by 3c; Issues Q1, FY16 EPS Guidance
- Market Wrap: Revised Q3 GDP Shows Growth; E. Coli Breakout Reported at Costco; KaloBios Volatility Continues
- Putin Says Loss of Russian Warplane Due to Backstabbing; Will Have Serious Consequence for Turkey Ties
- After-Hours Stock Movers 11/24: (PBMD) (VEEV) (GES) Higher; (HPQ) (PTCT) 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
- Lantheus Holdings (LNTH) Discloses Supply Agreement with Cardinal; Jefferies Reiterates Buy
- Jefferies Upgrades FMSA Holdings (FMSA) to Hold
- Brocade (BRCD) Guidance Well Below Street Consensus, Piper Jaffray Notes; Numbers Lowered
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!