Skip to main content

Market Overview

UPDATE: JP Morgan Downgrades CenturyLink to Neutral on Valuation, Soft Outlook

Share:

JP Morgan downgraded CenturyLink (NYSE: CTL) from Overweight to Neutral and lowered the price target from $45.00 to $38.00.

JP Morgan said, "We downgrade shares of CenturyLink from Overweight to Neutral following the company's revision of its capital allocation strategy, which included a ~25% dividend cut from $0.725/share to $0.54/share, as well as a new $2b share repurchase program to be completed over the next 2 years. While we believe the revised plan gives the company more flexibility to improve the fundamentals of the business in the near to medium term, we believe there is limited upside for the stock even from after hours trading levels off ~13%. We downgrade CenturyLink from Overweight to Neutral and reduce our year end 2013 price target from $45 to $38."

CenturyLink closed at $41.69 on Wednesday.

 

Related Articles (CTL)

View Comments and Join the Discussion!

Posted-In: Analyst 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
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com