UPDATE: Macquarie Downgrades Level 3 Communications (LVLT) to Neutral
Get Alerts LVLT Hot Sheet
Rating Summary:
14 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Macquarie downgraded Level 3 Communications (NYSE: LVLT) from Outperform to Neutral with a price target of $51.
Analyst Kevin Smithen said, "LVLT shares are likely to remain volatile given the high hedge fund ownership and elevated financial leverage. The stock dropped to $38 just five weeks ago. At $50+, we feel that the Street is getting too complacent about potential integration risks and about sustained long-term revenue momentum. We like the company, but we believe the stock should trade at no more than 16x our '17 FCF est. at the end of FY16. That equates to 11.9% potential upside over two years, which is no longer enough to merit an OP rating in our view."
For an analyst ratings summary and ratings history on Level 3 Communications click here. For more ratings news on Level 3 Communications click here.
Shares of Level 3 Communications closed at $50.05 yesterday.
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