Jefferies Downgrades CenturyLink, Inc. (CTL) to Underperform

Jefferies downgraded CenturyLink, Inc. (NYSE: CTL) from Hold to Underperform with a price target of $24.00 (from $25.00), saying secular challenges are unlikely to abate.

Analyst Mike McCormack commented, "Following an unwarranted 28% rise YTD, we downgrade shares of CTL to Underperform, and reduce our price target to $24. We take a more cautious view on long term margins based on our cost analysis and bearish view on revenue stabilization. We believe the anticipated data center sale is likely to disappoint while the dividend payout could climb to levels once unacceptable to the company."

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 $32.17 yesterday.

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