After a report suggested that Level 3 could be acquired, Wells Fargo says that it sees the company as "more of a near-term buyer than a seller." However, the firm says "a case could be made" that now is the time for the company to look to sell itself, given the current interest in fiber and low interest rates. Wells thinks that Level 3 could be strategic for companies in several sectors, including the telecom, cable and Internet/content spaces. It raised its price target on the shares to $68-$70 from $60-$62 and keeps an Outperform rating on the stock.