Piper Jaffray Upgrades Qwest Communications (Q) to Neutral; Valuation Call
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Piper Jaffray & Co. upgrades Qwest Communications (NYSE: Q) from Underweight to Neutral. Price target increased $0.50 to $4.
Piper analyst says, "Since mid-2009, Qwest has underperformed the market by over 27%, despite reporting generally in-line results. Given the valuation divergence and the fact that the company is looking more attractive compared to its peers, we no longer recommend being underweight the stock. Additionally, as access lines consolidate, Qwest could be a beneficiary...Despite declining revenues and continued access line declines, Qwest continues to generate strong free cash flows. Qwest has driven its margins through cost cutting and continues to be prudent with its capital outlays. For the past two quarters, Qwest has also reported industry-leading business markets trends. All of this has aided free cash flow generation...We expect further consolidation to take place within the RLEC industry. Qwest may not ultimately participate directly in any transactions, but investors may begin to consider the possibility and incorporate such a scenario into their valuations."
To see all the upgrades/downgrades on shares of Q, visit our Analyst Ratings page.
Qwest Communications International Inc. provides data, Internet, video, and voice services in the United States and internationally.
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