Lumen (LUMN) PT Lowered to $6 at TD Cowen

TD Cowen analyst Gregory Williams lowered the price target on Lumen (NYSE: LUMN) to $6.00 (from $7.00) while maintaining a Hold rating.

The analyst commented, "LUMN reported sizable downside EBITDA on heavy transformational spending, mixed segment results, upside fiber adds, but most importantly highlighted new PCF fiber wins of $3B to raise FCF guidance. The ILEC sale is still TBD but we see positive value markers in the convergence era. The PCF wins solve NT funding gap, and faster than we expected, but still does little for LT cash EBITDA inflection."

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