Gabelli Upgrades Level 3 Communications (LVLT) to Buy
Tweet
Share
E-mailGet Alerts LVLT Hot Sheet
Price: $53.63 --0%
Rating Summary:
14 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Rating Summary:
14 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Join SI Premium – FREE
Gabelli upgraded Level 3 Communications (NYSE: LVLT) from Hold to Buy.
The firm comments, "We believe the stock's sell-off (stock down $1.98 or 9.7%), triggered by revenue weakness (largely related to a loss of one customer) and general concerns about near-term slowing of the global economy (despite management’s comments that LVLT saw strong pickup in orders during 2Q), provides an attractive entry point for longer-term investors."
The firm is lowering 2012 and ’13 EPS estimate to ($1.20) and $0.55, from ($1.10) and $0.70 respectively, to incorporate 2Q’12 results and lower expected revenue trajectory, reflecting both UK government revenue declines and slower global economic growth trends.
For an analyst ratings summary and ratings history on Level 3 Communications click here. For more ratings news on Level 3 Communications click here.
Shares of Level 3 Communications closed at $18.44 yesterday.
The firm comments, "We believe the stock's sell-off (stock down $1.98 or 9.7%), triggered by revenue weakness (largely related to a loss of one customer) and general concerns about near-term slowing of the global economy (despite management’s comments that LVLT saw strong pickup in orders during 2Q), provides an attractive entry point for longer-term investors."
The firm is lowering 2012 and ’13 EPS estimate to ($1.20) and $0.55, from ($1.10) and $0.70 respectively, to incorporate 2Q’12 results and lower expected revenue trajectory, reflecting both UK government revenue declines and slower global economic growth trends.
For an analyst ratings summary and ratings history on Level 3 Communications click here. For more ratings news on Level 3 Communications click here.
Shares of Level 3 Communications closed at $18.44 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Northland Upgrades Similarweb Ltd (SMWB) to Outperform
- Nomura/Instinet Downgrades Lloyds Metals & Energy Ltd (LLOYDSME:IN) to Neutral
- Daiwa Securities Upgrades Merck (MRK) to Outperform (2)
Create E-mail Alert Related Categories
Analyst EPS Change, UpgradesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
