FBR Cuts Price Target on Level 3 (LVLT) to $1

Friday, Friedman, Billing & Ramsey lowered its price target on Level 3 Communications (Nasdaq: LVLT) from $3 to $1, but maintained a Market Perform rating on the stock.

Since the beginning of October, shares of Level 3 have fallen more than 65% from $2.70 to under $0.90 today. After falling everyday except for Friday last week, Level 3 is trading 17% higher today, although we have not heard any news related to the company that would explain the surge.

Based on today's stock price, around $0.88, FBR sees Level 3 rising more than 13% from current levels.

Level 3 Communications, Inc. engages in the communications business in North America and Europe.

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