Market Overview

UPDATE: Citigroup Downgrades CenturyLink to Neutral on Dividend Reduction

Related CTL
Benzinga's M&A Chatter for Tuesday September 16, 2014
Rackspace Hosting, Inc. Kills Merger Plan, Stock Tumbles
Former Qwest CEO Tells Story of Fight Against NSA, SEC (Fox Business)

Citigroup downgraded CenturyLink (NYSE: CTL) from Buy to Neutral and lowered the price target from $43.00 to $37.00.

Citigroup noted, "We are reducing our rating on CTL to Neutral and our target price to $37, as CTL's long-term financial targets imply less cash flow generation relative to what we previously estimated over the next few years and dilutes the valuation support that we believe its prior dividend yield provided. Our rating revision is partly based on the after-market share price of ~$36, according to Factset, & we recognize the sudden change in dividend policy could result in further downside risk to CTL shares in the near-term."

CenturyLink closed at $34.84 on Wednesday.

Latest Ratings for CTL

DateFirmActionFromTo
Aug 2014MacquarieMaintainsOutperform
Jul 2014CitigroupMaintainsNeutral
Jul 2014CitigroupMaintainsNeutral

View More Analyst Ratings for CTL
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Downgrades Analyst Ratings

 

Related Articles (CTL)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters