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Lumos Networks Corp In Play Following Takeover Rumors

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Shares of Lumos Networks Corp (NASDAQ: LMOS) experienced a sharp rise in share price Monday afternoon following takeover comments from Dealreporter stating, “Lumos said to begin sale process.”

Beginning around 1:00 p.m. EDT, shares of Lumos Networks quickly rose to a high of $15.25 off the $14 low, consolidated at $15 and were recently trading on the highs of the day at $15.30.

Traders are suggesting the continued rise in price is likely attributed to positive comments from a Wells Fargo analyst indicating that a takeover bid for Lumos could be above $23 per share, offering 50 percent upside potential.

Wells Fargo has an Outperform rating on shares of Lumos Networks.

Latest Ratings for LMOS

DateFirmActionFromTo
Feb 2017DowngradesBuyHold
Feb 2017DowngradesOutperformMarket Perform
Feb 2017DowngradesBuyHold

View More Analyst Ratings for LMOS
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Posted-In: dealREPORTER Wells FargoNews Rumors Analyst Ratings Movers

 

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