UPDATE: Morgan Stanley Downgrades Level 3 Communications on Balanced Risk-Reward
In a report published Friday, Morgan Stanley analyst Simon Flannery downgraded the rating on Level 3 Communications (NYSE: LVLT) from Overweight to Equal-Weight, and removed the $28.00 price target.
In the report, Morgan Stanley noted, “We are downgrading Level 3 from Overweight to Equal-weight after strong stock price appreciation which leaves only 2.5% upside to our base case valuation of $28. At current levels we believe the risk reward is balanced. Our estimates and valuation remain unchanged.”
Level 3 Communications closed on Thursday at $27.31.
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