Shenandoah Shares Trade Lower Following Rating Downgrade

June 28, 2022 3:50 PM | 1 min read | Make a Comment

Raymond James analyst Frank Louthan downgraded Shenandoah Telecommunications Co SHEN from Strong Buy to Market Perform following the stock recovery and surpassing Louthan's previous $25 price target.
He believes the shares more closely reflect fair value after the ~37% return from his May upgrade.
At current group valuations, he views other SMID-cap cable names in the sector, such as WideOpenWest, Inc WOW and Cable One, Inc CABO, as better total return opportunities and adjusted the rating on SHEN to reflect that.
He left the 2022E and 2023E revenue unchanged ahead of the company's 2Q earnings report.
Price Action: SHEN shares traded lower by 15.80% at $21.52 on the last check Tuesday.