UPDATE: Raymond James Upgrades Shenandoah Telecommunications (SHEN) to Market Perform (correction)

Raymond James analyst Ric Prentiss upgraded Shenandoah Telecommunications (NASDAQ: SHEN) from Underperform to Market Perform.

The analyst comments "We upgrade SHEN to Market Perform, from Underperform, as the stock has returned to a more reasonable valuation after significant price dislocation surrounding the Wireless sale to TMobile and the payment of the related special dividend. Specifically, SHEN had traded up ~24% in two days in early July on no significant new news after it officially declared the months-earlier announced $18.75/share cash special dividend following the close of the sale of the Wireless business to T-Mobile for $1.94B (~$1.47B in after-tax proceeds). The only material new information in early July was the size and interest rates of new debt facilities and the exact timing of the record, payment and ex-dividend dates, and in our view there had been no change to the fundamentals or value of the company."

For an analyst ratings summary and ratings history on Shenandoah Telecommunications click here. For more ratings news on Shenandoah Telecommunications click here.

Shares of Shenandoah Telecommunications closed at $29.58 yesterday.

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