Jefferies Upgrades CenturyLink, Inc. (CTL) to Hold

Jefferies upgraded CenturyLink, Inc. (NYSE: CTL) from Underperform to Hold with a price target of $26.00 (from $30.00).

Analyst Mike McCormack commented, "CTL shares have fallen nearly 30% YTD & although we continue to be negative on fundamentals, further near-term downside is likely limited. We remain concerned with revenue trends & believe guidance may be lowered on earnings, but that is likely reflected in the stock. Our long-term concerns remain, but with a 7.7% dividend yield & the stock trading at 5.4x 2016E EBITDA, we see limited additional downside. We move to Hold & establish a $26 PT."

The firm cut FY 2015 EPS from $2.62 to $2.56 and FY 2016 EPS from $2.60 to $2.43.

For an analyst ratings summary and ratings history on CenturyLink, Inc. click here. For more ratings news on CenturyLink, Inc. click here.

Shares of CenturyLink, Inc. closed at $28.16 yesterday.

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