Jefferies Downgrades Frontier Communications (FTR) to Hold
- China Cuts Benchmark Rate Amid Weaknening Growth Prospects; Markets React (FXI)
- Unusual 11 Mid-Day Movers 11/21: (CANF) (NGVC) (EDAP) Higher; (MOLG) (NBS) (WAIR) Lower
- Dow Chemical (DOW), Third Point Enter Agreement; Four New Independent Directors Added
- Large Cut from OPEC Would Be 'Self-Negating', Says Goldman Sachs
- UPDATE: Volkswagen AG (VLKAY) Will Invest EUR 85.6B Over Next 5Y in Auto Ops - Bloomberg
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
- BofA/Merrill Lynch Downgrades Aruba Networks (ARUN) to Underperform
- UPDATE: Jefferies Starts Citrix Systems (CTXS) at Hold
- UPDATE: Jefferies Starts Tableau Software (DATA) at Hold
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!