- Morgan Stanley analyst Simon Flannery downgrades Frontier Communications Parent, Inc (NASDAQ:FYBR) from Equal-Weight to Underweight, lowering the price target from $23 to $19.
- In Simon’s view, there are three main drivers of his downgrade.
- Frontier shares trade at a premium to Telco peers after recent outperformance. Frontier trades at a significant premium to wireline peers versus AT&T Inc (NYSE:T) and Verizon Communications Inc (NYSE:VZ), which both offer 6%+ dividend yields.
- Also Read: Frontier Communications Adds 381K New Fiber Builds Locations In Q4, Targets 1.3M New Locations In FY23
- Flannery sees rising risks to Fiber growth targets due to increasing competition from FWA and Cable providers.
- Frontier’s plans for a slower expansion of Fiber construction could push out positive free cash flow generation until 2027 or beyond as leverage continues to ramp.
- The main catalysts he focuses on include Fiber adds and ARPUs, and ongoing funding actions.
- Simon notes that stronger Fiber adds and improved ARPU trends could help the company drive better-than-expected financial results.
- He also points out that strategic alternatives could be another way to create shareholder value.
- Price Action: FYBR shares traded lower by 9.63% at $21.35 on the last check Monday.
Pharming Group Expands Research On Leniolisib For Additional Primary Immunodeficiencies, Targets Phase 2 Trial Initiation In 2Q24
Leiden, The Netherlands, December 13, 2023: Pharming Group N.V. ("Pharming" or "the Company") (NASDAQ:PHAR) announces today the expansion of its rare disease pipeline with plans to develop
