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."
Shares of Shenandoah Telecommunications closed at $29.58 yesterday.
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