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CTL

CenturyLink

$20.11

-0.24 (-1.18%)

, LVLT

Level 3

$55.18

-0.22 (-0.40%)

10:07
10/13/17
10/13
10:07
10/13/17
10:07

CPUC approves settlement between CenturyLink, Level 3 and consumer groups

The California Public Utilities Commission yesterday voted to approve the proposed transfer of control whereby ownership of Level 3 Operating Entities and WilTel Communications will be transferred to CenturyLink (CTL). The vote approves the settlement agreement between the companies and a consumer group consisting of Office of Ratepayer Advocates, The Utility Reform Network, and Greenlining Institute, CPUC said in a statement. The proceeding is now closed as far as the CPUC is concerned. CenturyLink's pending acquisition of Level 3 Communications (LVLT) still needs the approval of federal regulators. CenturyLink in early trading is down 20c to $20.15 while Level 3 is down 13c to $55.27. Reference Link

CTL

CenturyLink

$20.11

-0.24 (-1.18%)

LVLT

Level 3

$55.18

-0.22 (-0.40%)

CTL CenturyLink
$20.11

-0.24 (-1.18%)

08/18/17
BOFA
08/18/17
NO CHANGE
Target $42
BOFA
Buy
CenturyLink and Level 3 deal moving forward, says BofA/Merrill
BofA/Merrill analyst David Barden said weakness in CenturyLink (CTL) appears related to reports that the regulatory timeline for the Level 3 (LVLT) merger could slip past the September 30 target date. Barden said Department of Justice timing remains on track but The California Public Utility Commission has a 60 day window to approve the deal. After 60 days, there is a potential lag of 30 days which would put the final approval timing in the first week of November, at the latest. Barden said a 5 week slippage is possible, but no delay is certain, and the regulatory time frame has zero bearing on the deal approval. Further, the analyst said some investors view Windstream's (WIN) surprise dividend cut as an indicator that CenturyLink may do the same post the Level 3 deal. Barden does not expect a cut and notes the company is not in the same position as Winstream and management stated it continues to pay its $2.16/share annual dividend and that the Level 3 acquisition improves the payout ratio. The analyst rates CenturyLink a Buy with a $42 price target.
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.
09/28/17
RAJA
09/28/17
NO CHANGE
RAJA
DOJ appointment catalyst for CenturyLink, Level 3 deal, says Raymond James
Makan Delrahim was finally confirmed by the Senate yesterday as head of the Department of Justice Antitrust Division, Raymond James analyst Frank Louthan tells investors in a research note. He believes not having an antitrust head is at least partially to blame for the delay in mergers and acquisitions in the Technology & Communications space this year, including outstanding transactions like CenturyLink (CTL)/Level 3 Communications (LVLT) and AT&T (T)/Time Warner (TWX), as well as potential deals like Sprint (S)/T-Mobile U.S. (TMUS). The appointment of Delrahim is a catalyst for the approval of CenturyLink's acquisition of Level 3, where the Department of Justice has been the bottleneck, Louthan writes.
10/04/17
LEHM
10/04/17
NO CHANGE
Target $19
LEHM
Underweight
Barclays lowers price targets for CenturyLink, Level 3
Barclays analyst Amir Rozwadowski lowered his price target for Underweight-rated CenturyLink (CTL) to $19 from $23 and for Equal Weight-rated Level 3 Communications (LVLT) to $53 from $59. The combination of downward estimate revisions, management changes and a delay in the timing of merger close has heightened the perceived challenges facing the joint entity, Rozwadowski tells investors in a research note. The analyst, however, sees less downside potential for CenturyLink based on his new price target. He believes improved clarity on the joint entity's strategic priorities as well as the size and scope of synergy upside would "serve as a net benefit for helping the company recapture the narrative and provide a necessary realignment of investor expectations."
LVLT Level 3
$55.18

-0.22 (-0.40%)

06/19/17
MSCO
06/19/17
NO CHANGE
Target $27
MSCO
Overweight
CenturyLink whistleblower suit impact likely limited, says Morgan Stanley
Morgan Stanley analyst Simon Flannery said there could be some financial exposure to CenturyLink (CTL) if the lawsuit alleging that the company overcharged customers is found to have merit, but he believes the impact is likely not that material. As support for that view, Flannery points to the precedent set by telecom operators' "cramming" lawsuits, settlements of which are "usually...not that material." He keeps an Overweight rating and $27 price target on CenturyLink, adding that the potential triggering of a "MAC" clause in its deal with Level 3 (LVLT) would "seem to be a pretty high bar" and appears unlikely.

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Syntel

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ABT

Abbott

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UNH

UnitedHealth

$203.89

10.69 (5.53%)

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CLDR

Cloudera

$15.51

0.13 (0.85%)

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PNFP

Pinnacle Financial

$65.15

-1.15 (-1.73%)

18:35
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FULT

Fulton Financial

$18.95

-0.3 (-1.56%)

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EXXI

Energy XXI

$8.59

-0.41 (-4.56%)

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FULT

Fulton Financial

$18.95

-0.3 (-1.56%)

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HGV

Hilton Grand Vacations

$39.83

0.05 (0.13%)

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Hilton Grand Vacations acquires Sunrise Lodge, terms not disclosed »

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PRGX

PRGX Global

$6.80

0.05 (0.74%)

, KR

Kroger

$20.48

0.04 (0.20%)

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PRGX Global signs multi-year technology services contract with Kroger »

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$6.80

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KR

Kroger

$20.48

0.04 (0.20%)

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UBFO

United Security Bank

$9.50

-0.05 (-0.52%)

17:38
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UBSH

Union Bankshares

$35.32

-0.18 (-0.51%)

, XBKS

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$32.77

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Xenith Bankshares

$32.77

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OMAB

OMA Airports

$41.34

0.28 (0.68%)

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IBM

IBM

$146.54

-0.29 (-0.20%)

17:34
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OMAB

OMA Airports

$41.34

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SCSS

Select Comfort

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IBM

IBM

$146.54

-0.29 (-0.20%)

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IBM

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PAYX

Paychex

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17:31
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VZ

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