UPDATE: Raymond James Downgrades CenturyLink, Inc. (CTL) to Underperform
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(Updated - March 16, 2020 7:33 AM EDT)
(updated to add analyst commented)
Raymond James analyst Frank Louthan downgraded CenturyLink, Inc. (NYSE: CTL) from Market Perform to Underperform.
The analyst commented, "We are lowering our rating on CenturyLink to Underperform from Market Perform. We believe CTL shares will continue to Underperform the group, especially in a recession scenario and if the dividend is cut or eliminated. As seen in the chart below, the name performed slightly better than the market in the '08 financial crisis, but it was a very different company then that had more resilience. Since then, CTL has made several other acquisitions, while the market has lost confidence in the wireline business across the board."
Shares of CenturyLink, Inc. closed at $9.23 yesterday.
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