UPDATE: Stifel Nicolaus Cuts PT to $40 on CenturyLink Post Structural Change
Stifel Nicolaus maintained CenturyLink (NYSE: CTL) with a Buy rating and lowered the price target from $45.00 to $40.00.
Stifel Nicolaus noted, "Following CenturyLink's 22.6% decline on Thursday following the announcement of a 26% dividend cut and a $2 billion two-year buyback authorization, we remain as perplexed as we were on Wednesday evening of the company's rationale for the dramatic capital structure change, however we view the sell-off as overdone."
CenturyLink closed at $32.27 on Thursday.
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Tags: Stifel Nicolaus