Market Overview

Level 3 Shares Spike After Benzinga Pro Reports Company Considering Strategic Alternatives

Share:
Level 3 Shares Spike After Benzinga Pro Reports Company Considering Strategic Alternatives

Benzinga Professional on Wednesday morning reported Level 3 Communications, Inc. (NYSE: LVLT) is reviewing strategic alternatives.

Level 3 is considering a range of options from an outright sale of the company to a large buyback, Benzinga Pro reported to users of its Market-Moving Exclusives Feed. Shares rose 6 percent to a high of $59.59 following the report.

lvlt_pro.png

According to an industry source, Comcast Corporation (NYSE: CMCSA) is a potential suitor for Level 3. Commenting on Comcast’s push into enterprise services, analyst Colby Synesael of Cowen & Co wrote in a note published toward the end of 2015, "... our long-held/long-term view [is] that Level 3 is likely to be acquired by Comcast as we believe ultimately Comcast (and perhaps Charter) will look to compete against AT&T/Verizon across all facets of their business."

Analysts have been mixed on Level 3 in 2016 with two upgrades and two downgrades. Ratings data provided by Benzinga Professional.

lvlt_ratings.png

Shares of Level 3 Communications recently traded 3.3 percent higher to $56.20, suggesting a $635 million gain in market cap. Before Wednesday’s gain, shares were flat for the year.

Posted-In: Colby Synesael CowenM&A News Rumors Top Stories Movers Best of Benzinga

 

Related Articles (CMCSA + LVLT)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
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.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
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

Piper Jaffray Says Pandora Is 'Approaching The Inflection Point,' Upgrades To Overweight

Wedbush Previews IMAX's Q2 Results