Gabelli Upgrades Level 3 Communications (LVLT) to Buy
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Price: $21.62 +1.08%
Rating Summary:
8 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
8 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade LVLT Now!
Gabelli upgraded Level 3 Communications (NYSE: LVLT) from Hold to Buy.
The firm comments, "We believe the stock's sell-off (stock down $1.98 or 9.7%), triggered by revenue weakness (largely related to a loss of one customer) and general concerns about near-term slowing of the global economy (despite management’s comments that LVLT saw strong pickup in orders during 2Q), provides an attractive entry point for longer-term investors."
The firm is lowering 2012 and ’13 EPS estimate to ($1.20) and $0.55, from ($1.10) and $0.70 respectively, to incorporate 2Q’12 results and lower expected revenue trajectory, reflecting both UK government revenue declines and slower global economic growth trends.
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 $18.44 yesterday, with a 52 week range of $1.31-$27.99.
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The firm comments, "We believe the stock's sell-off (stock down $1.98 or 9.7%), triggered by revenue weakness (largely related to a loss of one customer) and general concerns about near-term slowing of the global economy (despite management’s comments that LVLT saw strong pickup in orders during 2Q), provides an attractive entry point for longer-term investors."
The firm is lowering 2012 and ’13 EPS estimate to ($1.20) and $0.55, from ($1.10) and $0.70 respectively, to incorporate 2Q’12 results and lower expected revenue trajectory, reflecting both UK government revenue declines and slower global economic growth trends.
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 $18.44 yesterday, with a 52 week range of $1.31-$27.99.
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