Frontier Communications Corp Cut to “Underweight” at Morgan Stanley (FTR)
Frontier Communications Corp (NYSE:FTR) was downgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Wednesday. They currently have a $5.20 price target on the stock. Morgan Stanley’s price objective points to a potential downside of 23.30% from the stock’s previous close. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued reports about the stock. Analysts at Goldman Sachs initiated coverage on shares of Frontier Communications Corp in a research note on Tuesday. They set a “neutral” rating on the stock. Separately, analysts at Macquarie raised their price target on shares of Frontier Communications Corp from $4.60 to $5.10 in a research note on Thursday, July 31st. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Frontier Communications Corp in a research note on Wednesday, July 30th. They now have a $4.50 price target on the stock, up previously from $3.50. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $5.63.
Frontier Communications Corp (NYSE:FTR) opened at 6.79 on Wednesday. Frontier Communications Corp has a one year low of $4.09 and a one year high of $7.24. The stock has a 50-day moving average of $6.38 and a 200-day moving average of $5.7. The company has a market cap of $6.804 billion and a P/E ratio of 38.15.
Frontier Communications Corp (NYSE:FTR) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the company posted $0.06 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts expect that Frontier Communications Corp will post $0.20 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Investors of record on Friday, September 12th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 5.90%. The ex-dividend date of this dividend is Wednesday, September 10th.
Frontier Communications Corporation is a communications company. The Company is engaged in providing services predominantly to rural areas and small and medium-sized towns and cities in the United States.
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