Market Overview

Morgan Stanley Sees Continued Broadband Momentum as Positive for Frontier Communications

Related FTR
Wells Fargo Says Frontier Communication's Dividend Is Safe, Sees Free Cash Flow Growth Ahead
Mid-Day Market Update: Novavax Tumbles Following Failed Trial; Depomed Shares Surge

In a report published Tuesday, Morgan Stanley analyst Simon Flannery reiterated an Equal-Weight rating on Frontier Communications (NASDAQ: FTR).

In the report, Morgan Stanley noted, “Frontier continued the momentum in broadband, with +28k broadband net adds in the fourth quarter (or, +112k for the year), despite greater cable competition, and management believes they can replicate these results going forward. Revenues of $1,180M (-3.4% y/y) were better than our estimate of $1,169M and consensus' $1,177M, with ‘Other Revenue' (including CPE sales) coming in ~$7M higher than our estimate. EBITDA (ex. pension) of $570M (48.3% margins) were better than our and consensus' $549M, benefiting from cost cutting initiatives ($93M v. the annual goal of $100M for 2013).”

Frontier Communications closed on Monday at $4.59.

Latest Ratings for FTR

Oct 2016JefferiesMaintainsBuy
Sep 2016CitigroupMaintainsSell
Sep 2016MacquarieUpgradesUnderperformNeutral

View More Analyst Ratings for FTR
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Simon FlanneryAnalyst Color Reiteration Analyst Ratings


Related Articles (FTR)

View Comments and Join the Discussion!