Jefferies Downgrades Frontier Communications (FTR) to Hold

June 6, 2014 6:47 AM EDT
Get Alerts FTR Hot Sheet
Price: $3.54 +1.43%

Rating Summary:
    14 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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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."

For an analyst ratings summary and ratings history on Frontier Communications click here. For more ratings news on Frontier Communications click here.

Shares of Frontier Communications closed at $5.72 yesterday.

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