Citi Downgrades Level 3 Communications (LVLT) to Sell
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Citi downgrades Level 3 Communications (Nasdaq: LVLT) from Hold to Sell.
Citi analyst says, "Reduce LVLT to Sell; Prefer Buy-Rated Time Warner Telecom (Nasdaq: TWTC) & Equinix (Nasdaq: EQIX) - We recommend selling LVLT, as we believe the retreat in telecom valuations increases downside risk for its share price, while the near/term improvement in OIBDA is driven by unsustainable wholesale revenue growth. We remain a Buyer of TWTC as our market analyses show better employment trends, while market expansions should further bolster sales momentum, as companies convert to IP-based services."
Level 3 Communications, Inc. (Level 3) through its operating subsidiaries, is primarily engaged in the communications business.
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