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Level 3 Communications (NYSE:LVLT) was upgraded by Macquarie from a “neutral” rating to an “outperform” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports.

Level 3 Communications (NYSE:LVLT) opened at 43.01 on Wednesday. Level 3 Communications has a 1-year low of $22.09 and a 1-year high of $49.22. The stock’s 50-day moving average is $43.75 and its 200-day moving average is $41.45. The company has a market cap of $10.249 billion and a P/E ratio of 64.20.

Level 3 Communications (NYSE:LVLT) last released its earnings data on Tuesday, July 29th. The company reported $0.21 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.31 by $0.10. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts expect that Level 3 Communications will post $1.40 EPS for the current fiscal year.

A number of other firms have also recently commented on LVLT. Analysts at Jefferies Group reiterated a “buy” rating on shares of Level 3 Communications in a research note on Wednesday, July 30th. They now have a $55.00 price target on the stock, up previously from $50.00. Separately, analysts at DA Davidson downgraded shares of Level 3 Communications from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 30th. They now have a $50.00 price target on the stock. Finally, analysts at Canaccord Genuity raised their price target on shares of Level 3 Communications from $50.00 to $55.00 in a research note on Wednesday, July 30th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $45.00.

Level 3 Communications, Inc (NYSE:LVLT) is a facilities-based provider of a range of integrated communications services.

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