Wells Fargo Downgrades AboveNet (ABVT) to Market Perform; Acquired by Zayo
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Price: $84.00 --0%
Rating Summary:
0 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 9 | New: 8
Rating Summary:
0 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 9 | New: 8
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Wells Fargo downgraded AboveNet (NYSE: ABVT) from Outperform to Market Perform, price target range raised from $77-81 to $84.
Analyst, Jennifer M. Fritzsche, said, "AboveNet reported solid Q1 results, but we are downgrading our rating of the stock to Market Perform as the company is being acquired for $84 per share by Zayo. Our new 2012 revenue, EBITDA and EPS estimates are $525MM, $242MM and $2.69 versus our prior estimates of $515MM, $237MM and $2.58. Our new 2013 revenue, EBITDA and EPS estimates are $570MM, $262MM and $2.82 versus our prior $562MM, $258MM and $2.78. Our new valuation is $84, which is the price at which AboveNet has agreed to be acquired."
For an analyst ratings summary and ratings history on AboveNet click here. For more ratings news on AboveNet click here.
Shares of AboveNet closed at $83.17 yesterday.
Analyst, Jennifer M. Fritzsche, said, "AboveNet reported solid Q1 results, but we are downgrading our rating of the stock to Market Perform as the company is being acquired for $84 per share by Zayo. Our new 2012 revenue, EBITDA and EPS estimates are $525MM, $242MM and $2.69 versus our prior estimates of $515MM, $237MM and $2.58. Our new 2013 revenue, EBITDA and EPS estimates are $570MM, $262MM and $2.82 versus our prior $562MM, $258MM and $2.78. Our new valuation is $84, which is the price at which AboveNet has agreed to be acquired."
For an analyst ratings summary and ratings history on AboveNet click here. For more ratings news on AboveNet click here.
Shares of AboveNet closed at $83.17 yesterday.
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