Gabelli & Co Maintains Buy on Telephone and Data Systems

Gabelli & Co reiterates its Buy rating on Telephone and Data Systems, Inc. TDS as the company announces a revised share reclassification plan. Gabelli says, “Under the new proposal, the reclassification ratio is increased to 1.087 shares for holders of common and series A common shares. The primary purpose of the changes (vs. the original proposal) was to recognize the fact the common shares have generally traded at a premium to the special common shares since the creation of special common shares in 2005. …Shares currently trade at a 61% discount to our 2012 PMV of $66.” TDS traded at $25.79 per share at Tuesday's close.