Frontier Communications Corporation (NASDAQ:FTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, July 5th. The firm currently has a $1.25 target price on the utilities provider’s stock. Zacks Investment Research‘s target price indicates a potential downside of 92.00% from the company’s previous close.
According to Zacks, “We are impressed with the company's focus to rake in more profits through customer retention, market share gain, new product introductions, broadband expansion and improved sales and marketing initiatives. The company is trying to derive benefits from the growing Business Service Segment. Meanwhile, foraying into North Carolina through the rollout of ‘Vantage TV’ IPTV and broadband services also bode well. Howover, the company continues to suffer from the loss of legacy fixed telephony business to wireless and decline in access lines and wireless backhaul revenues due to customer migration to Ethernet solutions at lower price points. Reports about outages, bad telephone service and problems with billing have sprouted. Over the past three months, the stock price declined by 43.81% compared with the Zacks Wireless–Regional (Rural) industry's 23.25% fall.”
A number of other brokerages also recently issued reports on FTR. Bank of America Corporation downgraded Frontier Communications Corporation from a “buy” rating to a “neutral” rating and set a $2.50 price target for the company. in a report on Tuesday, March 7th. Citigroup Inc. reduced their target price on Frontier Communications Corporation from $2.25 to $1.75 and set a “sell” rating for the company in a report on Monday, March 20th. Goldman Sachs Group, Inc. (The) downgraded Frontier Communications Corporation from a “neutral” rating to a “sell” rating and set a $1.50 target price for the company. in a report on Wednesday, March 22nd. They noted that the move was a valuation call. Morgan Stanley boosted their target price on Frontier Communications Corporation from $2.30 to $4.20 and gave the company an “equal weight” rating in a report on Thursday, March 30th. Finally, Vetr raised Frontier Communications Corporation from a “buy” rating to a “strong-buy” rating and set a $3.09 target price for the company in a report on Monday, March 27th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $2.97.
Frontier Communications Corporation (NASDAQ:FTR) traded down 0.76% during trading on Wednesday, hitting $15.63. The stock had a trading volume of 2,315,029 shares. Frontier Communications Corporation has a 52-week low of $13.13 and a 52-week high of $78.30. The stock’s market capitalization is $1.23 billion. The stock’s 50-day moving average is $16.61 and its 200-day moving average is $30.90.
Frontier Communications Corporation (NASDAQ:FTR) last announced its quarterly earnings results on Tuesday, May 2nd. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.03. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Frontier Communications Corporation had a positive return on equity of 0.19% and a negative net margin of 2.65%. On average, analysts predict that Frontier Communications Corporation will post ($3.85) earnings per share for the current fiscal year.
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Large investors have recently added to or reduced their stakes in the company. Comerica Bank boosted its stake in Frontier Communications Corporation by 1.7% in the fourth quarter. Comerica Bank now owns 301,680 shares of the utilities provider’s stock worth $1,068,000 after buying an additional 4,949 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Frontier Communications Corporation by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 67,244 shares of the utilities provider’s stock worth $227,000 after buying an additional 246 shares during the period. Marshall Wace LLP bought a new stake in shares of Frontier Communications Corporation during the fourth quarter worth approximately $806,000. Gabelli Funds LLC boosted its stake in shares of Frontier Communications Corporation by 33.3% in the fourth quarter. Gabelli Funds LLC now owns 100,000 shares of the utilities provider’s stock worth $338,000 after buying an additional 25,000 shares during the period. Finally, Allianz Asset Management AG boosted its stake in shares of Frontier Communications Corporation by 2.4% in the fourth quarter. Allianz Asset Management AG now owns 1,532,576 shares of the utilities provider’s stock worth $5,181,000 after buying an additional 36,260 shares during the period.
About Frontier Communications Corporation
Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).
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