- 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.
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