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Fly News Breaks for June 27, 2019
Jun 27, 2019 | 06:47 EDT
Wells Fargo analyst Jennifer Fritzsche last night upgraded CenturyLink to Outperform from Market Perform and raised her price target for the shares to $14 from $12. The stock closed yesterday up 16c to $10.91. The company's evolution is showing more of the "fiber roots" that came from the Level 3 side of the business and will continue to include both dark fiber and wireless in its approach, Fritzsche tells investors in a research note. She views this move positively and believes it is underappreciated by the Street. Investors appear to be giving CenturyLink essentially no credit to see a back half of 2019 improvement, which is achievable given the "intense fiber centric focus it is now undertaking," adds the analyst. Fritzsche sees 28% potential upside in the shares.
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