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FTR

Frontier Communications

$8.03

-0.19 (-2.31%)

08:33
03/13/18
03/13
08:33
03/13/18
08:33

Frontier Communications initiated with a Sell at Guggenheim

Guggenheim analyst Mike McCormack initiated coverage of the Telecom Services space, starting Frontier Communications with a Sell rating and $6 price target, as he believes the Independent Local Exchange Carriers, or ILECs, burdened by legacy revenue are disadvantaged.

  • 13

    Mar

FTR Frontier Communications
$8.03

-0.19 (-2.31%)

02/28/18
02/28/18
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. Celgene (CELG) downgraded to Hold from Buy at SunTrust by analyst Yatin Suneja after the company received a refusal to file letter from the FDA on ozanimod for relapsing forms of multiple sclerosis. Suneja said that following pipeline setbacks in late 2017, ozanimod was central to his "bull thesis to re-accelerate growth" and provide "much needed diversification away from myeloma." Given the delay, he lowered his ozanimod peak sales estimate to $3.5B from $5B. The refusal to file letter could result in a 24-month or longer delay for ozanimod's launch in relapsing forms of multiple sclerosis, Suneja said. 2. Frontier Communications (FTR) downgraded to Hold from Buy at Jefferies by analyst Scott Goldman. With the dividend now suspended and EBITDA stabilization "still a work in progress," the shares have no near-term catalyst, Goldman said. He believes "significant challenges" remain for Frontier following the dividend suspension. 3. Comcast (CMCSA, CMCSK) downgraded to Neutral from Outperform at Macquarie by analyst Amy Young, who cited uncertainty around the M&A playbook and increased net leverage. Young said Comcast's intention to acquire Sky (SKYAY) diversifies its portfolio and increases international revenues to 25% of total from 9% currently, but exposes it to satellite TV, which faces secular pressures. The analyst views the 12x price tag for Sky as high, questions the synergies, and believes the unpredictability could cap near-term upside. 4. e.l.f. Beauty (ELF) downgraded to Market Perform from Outperform at BMO Capital by analyst Shannon Coyne, who cited the "near-term challenges in the mass category" and heightened competition yielding further pressure on results and the stock in the near term. The analyst also points to the management having lowered its expectations for the 3rd time in 6 months, adding that it may take some time for investor confidence to return. Despite the downgrade, the analyst believes that e.l.f "has material white space in existing and new retailers" as well as an "unmatched strong value proposition." 5. Maxim Integrated (MXIM) downgraded to Neutral from Outperform at Macquarie by analyst Srini Pajjuri, who said shares have significantly outperformed the SOX index year-to-date and believes healthy fundamentals are now backed in, combined with some M&A premium. Pajjuri believes further upside is limited on a fundamental basis and believes comps will get tougher in the second half of 2018 and sees risk of higher volatility in Consumer as Samsung GS9 builds fade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/28/18
MSCO
02/28/18
NO CHANGE
Target $16
MSCO
Equal Weight
Frontier dividend suspension not entirely unexpected, says Morgan Stanley
Morgan Stanley analyst Simon Flannery noted that 91% of investors in a prior survey conducted by the firm said they expected Frontier Communications (FTR) to cut its dividend in 2018, though he also views the change as earlier and bigger than may have been expected. He also pointed out that when Windstream (WIN) eliminated its own dividend in August 2017, the stock fell 36% the next day, though he added that he thinks that dividend cut was more unexpected. Flannery, who questions whether the dividend news will overshadow Frontier's in-line quarterly results and better than expected 2018 guidance, has an Equal Weight rating on the stock.
02/28/18
JEFF
02/28/18
DOWNGRADE
Target $8
JEFF
Hold
Frontier Communications downgraded to Hold from Buy at Jefferies
Jefferies analyst Scott Goldman downgraded Frontier Communications to Hold and cut his price target for the shares to $8 from $25. With the dividend now suspended and EBITDA stabilization "still a work in progress," the shares have no near-term catalyst, Goldman tells investors in a post-earrings research note. He believes "significant challenges" remain for Frontier following the dividend suspension.
12/15/17
12/15/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Morgan Stanley analyst Simon Flannery started ViaSat (VSAT) with an Equal Weight rating and $78 price target. 2. Cantor Fitzgerald analyst Elemer Piros initiated Rigel Pharmaceuticals (RIGL) with an Overweight rating and $6 price target, sayign the company is poised to achieve FDA approval of fostamatinib for lead indication immune thrombocytopenia. 3. Exelon (EXC) analyst Paul Fremont initiated Exelon with an Underperform and $36 price target to reflect expected earnings pressure from weak forward gas and power prices and high debt. 4. Credit Suisse analyst Gregory Lewis started Ocean Rig UDW (ORIG) with an Outperform rating and $32 price target, stating that the company's restructuring wiped away $3.3B in debt. 5. Barclays analyst Amir Rozwadowski started Frontier Communications (FTR) with an Underweight rating and $7 price target, as he believes the company's dividend is at risk of being cut further over the near term. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

NOK

Nokia

$5.89

-0.37 (-5.91%)

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VTR

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0.56 (0.88%)

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ETR

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FITB

Fifth Third

$25.12

-0.31 (-1.22%)

09:52
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CHGG

Chegg

$39.01

-0.645 (-1.63%)

09:52
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Breaking Hot Stocks news story on Chegg »

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CHGG

Chegg

$39.01

-0.645 (-1.63%)

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09:50
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WSM

Williams-Sonoma

$59.48

0.26 (0.44%)

09:50
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In-the-money call buyers in Williams Sonoma at the opening bell »

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  • 02

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09:50
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GTLS

Chart Industries

$94.49

(0.00%)

09:46
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  • 18

    Apr

  • 28

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09:45
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Breaking Hot Stocks news story  »

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Wholesale Trade Inventories to be reported at 10:00 »

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09:45
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ZUO

Zuora

$24.34

(0.00%)

, NKE

Nike

$88.05

(0.00%)

09:40
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Unusually active option classes on open March 22nd »

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ZUO

Zuora

$24.34

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NKE

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$88.05

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TIF

Tiffany

$100.07

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NOK

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$6.26

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TME

Tencent Music

$17.44

(0.00%)

MRVL

Marvell

$20.80

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BBY

Best Buy

$70.56

(0.00%)

TWTR

Twitter

$32.61

(0.00%)

AAPL

Apple

$195.07

(0.00%)

PBR

Petrobras

$17.05

(0.00%)

03/08/13
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  • 22

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  • 25

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  • 20

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MDT

Medtronic

$92.09

0.83 (0.91%)

09:37
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Conference/Events
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  • 26

    Mar

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LC

LendingClub

$3.00

0.065 (2.22%)

09:35
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Conference/Events
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  • 26

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GVA

Granite Construction

$45.76

0.39 (0.86%)

09:34
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  • 22

    Mar

PPC

Pilgrim's Pride

$21.32

0.71 (3.44%)

09:34
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  • 01

    May

KR

Kroger

$24.33

0.35 (1.46%)

09:33
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Conference/Events
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  • 26

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EXPE

Expedia

$124.13

1.56 (1.27%)

09:30
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09:30
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