UPDATE: D.A. Davidson Downgrades Level 3 Communications to Neutral, Reiterates $25 PT
In a report published Wednesday, D.A. Davidson & Co. downgraded its rating on Level 3 Communications (NYSE: LVLT) from Buy to Neutral, and reiterated its $25.00 price target.
D.A. Davidson noted, “On its Q3 call, LVLT noted orders were in line with the record level in Q2, and reiterated its guidance for higher CNS sales in Q4 and an overall EBITDA gain of 20%-25% for the full 2012 year. We are forecasting Core Network Services (CNS) of $1.417 billion in Q4, total sales of $1.6 billion and EBITDA of $400 million. We expect U.S. Enterprise sales to grow 2.5% sequentially and 9%-10% year-over-year (YoY). Latam Enterprise sales are also expected to be strong with 10% or more growth YoY. Latam and U.S. Enterprise sales together represent ~55% of total CNS sales and 48% of total sales.”
Level 3 Communications closed on Tuesday at $24.45.
Latest Ratings for LVLT
|May 2015||Goldman Sachs||Initiates Coverage on||Buy|
|Jan 2015||Wells Fargo||Upgrades||Market Perform||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.