Morgan Stanley Upgrades Iowa Telecom (IWA) to Equalweight
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Morgan Stanley upgrades Iowa Telecommunications Services (NYSE: IWA) from Underweight to Equalweight.
The upgrade follows news yesterday that Windstream will acquire the company for 0.804 of common stock plus $7.90 in cash. Shares of Iowa Telecom surged more than 26% yesterday on the M&A activity.
Shares of IWA are trading slightly lower in the pre-open session, currently down 0.9% to $15.85.
Iowa Telecommunications Services, Inc., together with its subsidiaries, provides wireline local exchange telecommunications services to residential and business customers in rural Iowa, Minnesota, and Missouri.
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