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UPDATE: Piper Jaffray Raises PT on CenturyLink Following 1Q13 Results


In a report published Wednesday, Piper Jaffray analyst Christopher M. Larsen reiterated a Neutral rating on CenturyLink (NYSE: CTL), and raised the price target from $37.00 to $39.00.

In the report, Larsen noted, “CenturyLink released its 1Q13 results May 8 after the market close. Revenues were in line with our forecast, while EBITDA exceeded our expectations. Access line trends were in line, while broadband adds beat. Management issued 2Q guidance that was generally consistent with our forecast and raised 2013 EBITDA and EPS guidance slightly...Consistent with guidance, we are keeping our 2013 revenue estimate largely unchanged at $18.1B, raising our 2013 EBITDA estimate by 0.3% to $7.4B and raising our 2013 EPS estimate to $2.75. We continue to rate CenturyLink Neutral and we are increasing our target $39 as we flow a slightly better EBITDA forecast through our model. Our $39 price target is based on a DCF to 2017, 7.9% NT WACC, 7.5% terminal WACC, and -0.5% terminal growth rate. Our previous price target of $37 was based on a DCF to 2017, 8.1% NT WACC, 7.8% terminal WACC, and -0.5% terminal growth rate.”

CenturyLink closed on Tuesday at $37.68.

Latest Ratings for CTL

Jun 2019UpgradesMarket PerformOutperform
May 2019UpgradesSellNeutral
Feb 2019DowngradesBuyNeutral

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Posted-In: Piper JaffrayAnalyst Color Price Target Analyst Ratings


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