UPDATE: Oppenheimer Downgrades Inteliquent to Underperform on Weak Guidance and Quarter

Oppenheimer lowered its rating on Inteliquent

from Perform to Underperform. Oppenheimer noted, "We are downgrading IQNT to Underperform from Perform on poor fundamentals, limited visibility and no near-term catalysts. The company reported very disappointing results for the second quarter in a row and gave 4Q12 EBITDA guidance 75% below 1H12's run rate, a drop we have never witnessed in 18 years of following service companies. IQNT is confronting other issues as well, such as weak pricing and volumes in IP transit, issues related to its DID termination voice product, increasing competition and the ability for customers to direct connect. We believe there is no visibility in the financial model and have cut ‘13E adjusted EBITDA to ~$30M (from $71M)." Inteliquent closed at $4.47 on Wednesday.