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UPDATE: Citigroup Downgrades CenturyLink to Neutral on Dividend Reduction

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Citigroup downgraded CenturyLink (NYSE: CTL) from Buy to Neutral and lowered the price target from $43.00 to $37.00.

Citigroup noted, "We are reducing our rating on CTL to Neutral and our target price to $37, as CTL's long-term financial targets imply less cash flow generation relative to what we previously estimated over the next few years and dilutes the valuation support that we believe its prior dividend yield provided. Our rating revision is partly based on the after-market share price of ~$36, according to Factset, & we recognize the sudden change in dividend policy could result in further downside risk to CTL shares in the near-term."

CenturyLink closed at $34.84 on Wednesday.

Latest Ratings for CTL

DateFirmActionFromTo
Jul 2020OppenheimerDowngradesOutperformPerform
Jun 2020UBSMaintainsNeutral
May 2020Morgan StanleyMaintainsEqual-Weight

View More Analyst Ratings for CTL
View the Latest Analyst Ratings

 

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Posted-In: CitigroupAnalyst Color Downgrades Analyst Ratings

Latest Ratings

StockFirmActionPT
SCYXAegis CapitalMaintains40.0
ARGOBoenning & ScattergoodDowngrades
TLSAZacks Investment ResearchInitiates Coverage On7.5
TOTJP MorganUpgrades
WSOMorgan StanleyMaintains244.0
View the Latest Analytics Ratings
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