MoffettNathanson Upgrades Level 3 Communications (LVLT) to Buy; Sell-Off Offers Buying Opportunity
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MoffettNathanson upgraded Level 3 Communications (NYSE: LVLT) from Neutral to Buy with a price target of $58.00.
Analyst Nick Del Deo notes that while revenue growth in Q2 "was really quite bad", the sell-off creates a buying opportunity.
"Times like these sometimes present buying opportunities if one can illustrate that the market has overfly penalized the stock, the long-term outlook remains intact, and the valuation is appealing. We believe all of these factors currently apply to Level 3's shares and they embed favorable risk-reward characteristics. It is appropriate to upgrade our rating to Buy, and we maintain our $58 target price."
Shares of Level 3 Communications closed at $49.26 yesterday.
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