UPDATE: D.A. Davidson Reiterates Underperform Rating, Raises PT on CenturyLink Following Q3 Earnings

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In a report published Thursday, D.A. Davidson analyst James G. Moorman reiterated an Underperform rating on

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CenturyLink

(NYSE: CTL), and raised the price target from $38.00 to $39.00.In the report, D.A. Davidson noted, “Reiterating UNDERPERFORM rating but increasing price target to $39, previously $38, which is based on 6.3x our 2016 EV/EBITDA estimate, versus our old target which used 6.4x our 2015 estimate. We don't see tremendous downside in the stock, but still think CTL may raise its capex budget more in 2015 as it rolls out Gigabit speeds in more cities and Prism TV to new markets. Our long-term target remains $40.”CenturyLink closed on Wednesday at $41.65.