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UNIT

Uniti Group

$17.47

-0.93 (-5.05%)

, WIN

Windstream

$2.01

-0.03 (-1.47%)

15:02
09/19/17
09/19
15:02
09/19/17
15:02

S&P downgrades Uniti Group to 'B' on downgrade of Windstream

S&P Global Ratings earlier announced it lowered its corporate credit rating on U.S. telecom real estate investment trust Uniti Group (UNIT). "We recently lowered our corporate credit rating on U.S. telecom service provider Windstream Holdings Inc. to 'B' from 'B+' with a negative outlook based on its deteriorating operating and financial performance, intense competitive pressures, and slower-than-expected ramp-up of its enterprise business. Since we view the credit quality of U.S. telecom real estate investment trust Uniti Group Inc. as tethered to that of Windstream, we are also lowering the corporate credit rating on Uniti to 'B' from 'B+'," S&P stated.

UNIT

Uniti Group

$17.47

-0.93 (-5.05%)

WIN

Windstream

$2.01

-0.03 (-1.47%)

  • 02

    Oct

UNIT Uniti Group
$17.47

-0.93 (-5.05%)

08/15/17
08/15/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Deere (DE) downgraded to Neutral from Buy at BofA/Merrill with analyst Ross Gilardi saying he is cautious into the print given recent data and expects the pace of earnings performance relative to expectations to begin to subside. 2. Zynerba (ZYNE) was downgraded to Perform from Outperform at Oppenheimer and to Hold from Buy at Jefferies. 3. Uniti Group (UNIT) downgraded to Neutral from Buy at BofA/Merrill with analyst David Barden saying Windstream's (WIN) dividend cut increases concerns about the health of the business and, combined with Uniti's increasing cost of capital, creates a negative feedback loop for the stock. 4. Farmland Partners (FPI) downgraded to Neutral from Outperform at Baird with the firm's analyst saying financial leverage is moving towards 18x EBITDA following the recent preferred offering, and the participating rights could create a liability for the common holders that could grow over time and a common dividend AFFO payout ratio over 130% estimated through YE19. 5. Banco Santander (SAN) downgraded to Neutral from Buy at Goldman Sachs with analyst Jose Abad seeing the valuation as full following the recent outperformance of the shares. The analyst lowered his price target for the shares to EUR 6.40. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/16/17
WELS
08/16/17
NO CHANGE
WELS
Uniti Group risk/reward ratio attractive, says Wells Fargo
Wells Fargo believes that fears that Uniti Group (UNIT) will have to renegotiate its lease deal with Windstream (WIN) are overdone. The firm does not see this as a risk in the near-term, and it consequently believes that the risk/reward ratio of Uniti Group "is attractive at current levels." Wells keeps an Outperform rating on Uniti and a Market Perform rating on Windstream.
08/23/17
MSCO
08/23/17
NO CHANGE
Target $26
MSCO
Overweight
CenturyLink, Uniti Group risk/reward attractive, says Morgan Stanley
Morgan Stanley analyst Simon Flannery is surprised by the magnitude of share declines for Overweight rated CenturyLink (CTL) and Uniti Group (UNIT) and continues to view risk/reward as attractive. Flannery said Q2 results showed cable continued to to drive consumer sub growth, reinforcing his view to own these two infrastructure assets that will benefit from growing business IP/mobile traffic. The analyst trimmed CenturyLink's price target to $26 from $27 and cut Uniti's to $24 from $32.
09/19/17
RAJA
09/19/17
NO CHANGE
RAJA
Windstream, Uniti selloff on S&P change unfounded, says Raymond James
Raymond James analyst Frank Louthan attributes the weakness today in shares of Windstream (WIN) and Uniti Group (UNIT) to Standard & Poor's lowering its ratings on both companies to B from B+. The rating agency's analysis is "very weak" and seems a reaction to recent market moves rather than new information, Louthan tells investors in an intraday research note. The review does not take into account the recent "highly" free cash flow accretive acquisitions or the dividend cut, the analyst adds. He calls the selloff in the stocks "unfounded."
WIN Windstream
$2.01

-0.03 (-1.47%)

08/04/17
BOFA
08/04/17
DOWNGRADE
Target $2.5
BOFA
Underperform
Windstream downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill analyst David Barden downgraded Windstream two notches to Underperform from Buy and cut its price target to $2.50 from $8 following the company's surprising move to eliminate its 15c quarterly dividend. Barden believes investors were attracted by the yield and said the valuation premise of the company has materially changed, and its current declining business warrants a discount to peers.
08/14/17
JPMS
08/14/17
NO CHANGE
Target $31
JPMS
Overweight
Uniti Group selloff since Q2 results overdone, says JPMorgan
JPMorgan analyst Philip Cusick views the 21% selloff in Uniti Group (UNIT) shares since the company's Q2 results on August 3 as overdone. He attributes the weakness to fears around Windstream's (WIN) dividend cut and notes Windstream shares are down 45% in the same period. The analyst looks at Uniti's lease with Windstream as "essentially secured debt" and sees no reason that Uniti would reduce or renegotiate its lease with Windstream in or out of bankruptcy. He estimates Uniti shares are now pricing in a 22%-28% lease reduction and subsequent 35%-44% dividend cut. Cusick, however, views Windstream's dividend cut as a positive for Uniti as it "strengthens the durability of the Windstream lease payment." He reiterates an Overweight rating on the shares with a $31 price target.

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MU

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ATUS

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$18.50

-0.05 (-0.27%)

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MU

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$61.33

-0.15 (-0.24%)

, XLNX

Xilinx

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ZTCOY

ZTE Corp.

$0.00

(0.00%)

, DDAIF

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$0.00

(0.00%)

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HMC

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$32.04

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NSANY

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$0.00

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F

Ford

$11.51

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GM

General Motors

$38.30

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TM

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VLKAY

Volkswagen

$0.00

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BAC

Bank of America

$30.16

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C

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$68.42

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GS

Goldman Sachs

$235.05

-1.1 (-0.47%)

JPM

JPMorgan

$110.62

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MS

Morgan Stanley

$53.02

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USB

U.S. Bancorp

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WFC

Wells Fargo

$54.91

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TWTR

Twitter

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AA

Alcoa

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CENX

Century Aluminum

$16.27

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AOBC

American Outdoor Brands

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RGR

Sturm, Ruger

$63.10

0.5 (0.80%)

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HCLP

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POST

Post Holdings

$77.98

1.49 (1.95%)

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ABMD

Abiomed

$394.49

0.04 (0.01%)

, WYN

Wyndham

$107.98

-0.58 (-0.53%)

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PRAH

PRA Health

$81.19

0.33 (0.41%)

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$394.49

0.04 (0.01%)

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$394.49

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WYN

Wyndham

$107.98

-0.58 (-0.53%)

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$68.74

0.005 (0.01%)

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$107.98

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ABMD

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$394.49

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PCG

PG&E

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FARM

Farmer Bros.

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NDLS

Noodles & Company

$8.90

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WIN

Windstream

$1.22

-0.125 (-9.29%)

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NDLS

Noodles & Company

$8.90

-0.35 (-3.78%)

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EPD

Enterprise Products

$27.87

-0.12 (-0.43%)

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INO

Inovio

$4.89

0.06 (1.24%)

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RCII

Rent-A-Center

$10.14

0.13 (1.30%)

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AKER

Akers Biosciences

$0.59

0.0086 (1.48%)

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DHCP

Ditech

$6.60

0.37 (5.94%)

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GPS

Gap

$28.15

-4.82 (-14.62%)

, FL

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$55.97

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$48.76

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Icahn Enterprises

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UNH

UnitedHealth

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ROST

Ross Stores

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LUV

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16:30
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05/25
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Options
Preliminary option volume of 16.4M today »

Preliminary option volume…

VTL

Vital Therapies

$5.65

-0.475 (-7.76%)

16:26
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Breaking Syndicate news story on Vital Therapies »

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